Bitcoin
Bitcoin and Major Cryptocurrencies Pull Back Ahead of US Senate Vote and Fed Meeting
Macroeconomic pressures and legislative uncertainty in Washington weighed on digital asset markets as Bitcoin tested support levels.
Bitcoin slipped toward the $76,500 mark to trade around $76,941, hovering just 0.57% above support, as broader crypto markets posted weekly and daily declines. The retreat comes ahead of a Senate cloture vote on the CLARITY Act scheduled for September 15 and the Federal Reserve's interest rate decision on September 16. Despite the recent drop, major digital assets remain in positive territory over a 30-day window, with Bitcoin holding a 22.2% monthly gain.
Market sentiment has been dampened by a sharp rebound in energy prices and rising bond yields. Brent crude reached $110 on September 10 following drone strikes on Saudi Arabia's East-West pipeline and the postponement of regional maritime talks by Oman, settling near $108.15 alongside WTI at $102.64. Combined with August headline inflation at 3.4% and the 10-year Treasury yield touching 4.95%, market expectations shifted dramatically from rate cuts toward an 85% to 87% probability of a Fed rate hike.
Political hurdles also loom over the sector as the CLARITY Act faces a 60-vote threshold to end debate in the Senate. With Republicans holding 53 seats, the procedural hurdle leaves the immediate legislative outcome uncertain as traders brace for monetary policy decisions.
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