Bitcoin fell to $75,500, down 2% on the day after the US Senate failed to advance the Clarity Act, the market structure bill traders had been counting on to break out of an 11-month slump. Over $525 million in bullish leveraged bets were liquidated in 24 hours. Support levels sit between $75,000 and $75,400, and a decisive break below this zone could open the door to $72,500, or even the $69,000-66,000 area. Markets are now bracing for the Fed’s decision on September 16, where inflation prints and rising bond yields have traders bracing for a rate hike by chairman Kevin Warsh.
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