Bitcoin trades near $77,000 as altcoin leverage rises ahead of Senate vote
Bitcoin remains inside a defined trading range while altcoins gain market share ahead of a key legislative vote and a Federal Reserve meeting.
Bitcoin continues to trade around $77,000 within what analysts describe as an institutional holding range. Technical support is positioned between $76,000 and $77,000, with resistance bands situated between $78,000 and $82,000. Over the past 30 days, altcoins have outperformed Bitcoin, and open interest in altcoin perpetual futures has surpassed that of Bitcoin for the first time since late 2024.
Among major altcoins, Solana trades near $103 following an 8.6% gain since late August, supported by a governance vote reducing token circulation. Hyperliquid has advanced over 95% from its April level near $38, driven by activity on its on-chain leveraged trading venue. Meanwhile, Zcash rose from $665 to over $1,200 amid increasing interest from privacy-focused market participants, pushing futures open interest to a peak of $2.4 billion.
Financial markets face two immediate regulatory and macroeconomic events. The US Senate is scheduled to conduct a cloture vote requiring 60 votes to advance the CLARITY Act, while the Federal Reserve holds a policy meeting where markets price a 60% to 70% probability of a 25-basis-point interest rate increase.
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