Bitcoin
Bitcoin Surpasses $85,000 Following Senate Legislative Vote and Federal Reserve Rate Hike
Digital asset markets rebounded from key support levels after absorbing a policy tightening and the rejection of the CLARITY Act.
Bitcoin reached $86,291 after rising roughly 14% from its September 15 close of $75,584, rebounding despite the U.S. Senate voting 49 to 50 against advancing the CLARITY Act. The rebound continued even after the Federal Reserve implemented a 25-basis-point interest rate increase the following day, its first hike since 2023.
Market analysts, including Hilbert Group senior portfolio manager Jesse Marre, noted that the legislative setback and interest rate decision were largely priced in ahead of time. Although the Federal Reserve indicated potential additional rate increases this year, regulatory activity continued as the SEC introduced an Innovation Exemption and the CFTC submitted draft rules to the White House.
Trading data showed solid support near $75,000, with daily closes holding above that threshold despite brief dips to around $74,888 on September 15 and $74,912 on September 16. Bitcoin subsequently cleared resistance levels at $83,000 and $85,000, reaching a peak of $87,397 on September 21, bolstered by $999 million in single-day net inflows into U.S. spot Bitcoin exchange-traded funds.
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