Bitcoin fell to an intraday low below $75,000 on Sept. 15, extending a selloff already underway ahead of the Senate vote on the CLARITY Act.
The Senate failed 49-50 to invoke cloture on a motion to proceed to the bill, short of the 60 votes required, leading Bitcoin to its intraday low.
Coinbase fell about 10%, and Circle lost more than 11%, with the larger losses hitting crypto businesses directly exposed to US regulation.
On the macro side, the 10-year Treasury yield reached 5.041%, its highest level since 2007, while Brent crude traded above $105.
Polymarket showed odds for CLARITY passage falling from 31% to 19% before the vote, and Bitcoin had already slipped below $77,000 during that repricing.
The final vote landed in a market that had already priced in a much higher probability of failure. The decline combined political disappointment with 5% Treasury yields, $100-plus oil, and tighter rate expectations.
Bitcoin now reaches the Sept. 16 FOMC meeting after losing the $76,300-$76,600 area, a key level for its price action.
CryptoQuant places Bitcoin’s 200-day moving average around $70,000. From $75,900, a move to $70,000 would mean another decline of about 7.8%. The deeper $62,000-$65,000 zone holds another layer of market structure because CryptoQuant says long-term holders accumulated roughly 476,000 $BTC there this year.
The bull case keeps $70,000 intact
The bull case begins with a Fed decision close to current market expectations. A Reuters poll found 85% of economists expect a 25-basis-point increase to 3.75%-4.00%.
That puts more weight on Kevin Warsh’s description of the path beyond Sept. 16 and on the new Summary of Economic Projections. A restrained message would leave Bitcoin room to stabilize between roughly $72,000 and $76,000.
A move to $72,000 would extend the Sept. 15 decline by about 5.1% from $75,900, yet price would still sit above the 200-day moving average.
A reclaim of $76,000 would put the $77,100-$80,200 area back in view. CryptoQuant says long-term holders sold as much as 539,000 $BTC in that region during 30 days this year. Long-term-holder selling makes the area a difficult supply zone for any rebound.
Tuesday’s cross-market split also fits this path. Bitcoin lost about 4%, Coinbase fell about 10%, and Circle dropped more than 11%. The heavier losses landed on US crypto businesses with clearer exposure to stalled federal legislation.
A Fed message close to current expectations would leave Bitcoin above $70,000, with much of this week’s political and macro damage already priced in. The correction would remain severe, yet the deeper structure of the August rebound would still sit below the market.
The bear case for Bitcoin begins below $70,000
The bear case starts if Warsh and the Fed’s projections push markets toward a higher rate path than current pricing implies.
More economists now expect at least one additional increase beyond September, and Morgan Stanley expects another quarter-point move in December.
A more aggressive path would add another macro hit to a market already carrying 5% Treasury yields and $100-plus oil. Bitcoin would then approach $70,000 with the 200-day moving average directly in play.
A sustained move below that level would place a widely watched long-term reference above spot price.
The deeper test sits between $62,000 and $65,000. Bitcoin would need to fall about 14% from $75,900 to reach $65,000 and about 18% to reach $62,000. CryptoQuant says long-term holders accumulated roughly 476,000 $BTC in that band this year.
A return to that zone would erase much more of the rebound from the August lows. Bitcoin would then trade near the same area that absorbed long-term-holder demand earlier this year. The recovery would depend on whether those buyers defend the region again.
Sept. 15 left Bitcoin bruised but still well above its deeper technical floor, and Sept. 16 brings a cleaner test of how much of the Fed’s path the market has already absorbed.
A restrained outcome keeps $70,000 intact and preserves the August rebound. A more aggressive path that pushes Bitcoin through $70,000 would bring $62,000-$65,000 back into view and place that rebound under a much harder test.
