From TradingView · · 1m 30s
Senate kills crypto bill, bitcoin tumbles
A failed vote on the Digital Asset Market Clarity Act sends bitcoin sliding and leaves the industry's regulatory hopes in limbo.
In brief
A failed vote on the Digital Asset Market Clarity Act sends bitcoin sliding and leaves the industry's regulatory hopes in limbo. The Senate's failure to advance crypto regulation removes a key market tailwind and leaves bitcoin vulnerable to further losses if support at 74,300 breaks. Originally reported by…
Senate blocks crypto clarity bill
The US Senate failed a procedural vote 49 to 50 on the Digital Asset Market Clarity Act, falling short of the 60 votes needed to advance the comprehensive crypto market structure bill.
Industry loses key regulatory win
The bill's failure removes unified CFTC authority the crypto industry has spent years lobbying for, reigniting uncertainty about the sector's regulatory future.
Bitcoin drops on regulatory setback
Bitcoin slid sharply after the failed vote, with crypto stocks like Coinbase also falling as the market absorbed the loss of an expected regulatory tailwind.
Price trapped in descending channel
Bitcoin is trading around 76,000 within a descending channel formed in early September, with resistance at 80,000 to 82,000 and critical support at 74,300.
RSI signals weakness, FOMC looms
The RSI has fallen to 36.72, its lowest since July, while the fast EMA sits below the slow EMA, both reflecting stalling momentum ahead of tomorrow's Federal Reserve decision.
Two paths forward for bitcoin
A dovish Fed decision could spark a bounce back above 78,000 and keep the August uptrend intact. A break below 74,300 would signal a deeper correction toward 70,000 or the old 60,000 to 67,000 range.
The one thing
The Senate's failure to advance crypto regulation removes a key market tailwind and leaves bitcoin vulnerable to further losses if support at 74,300 breaks.
