Bitcoin slid to around $75,600, down 1.3% over 24 hours, as a failed US Senate procedural vote on digital-asset legislation and a sharp rise in Treasury yields drove selling before the Federal Reserve’s policy decision. Data compiled by CoinGecko showed the move extended to a 4.3% decline over the past week, with traders focusing on whether liquidity at key price levels can absorb further downside.
The selloff accelerated after the US Senate failed to advance the Digital Asset Market Clarity Act, a vote that ended 50-49 against the measure—short of the 60 votes needed to proceed. At the same time, pressure in US bond markets—linked to higher oil prices and expectations of tighter monetary policy—pushed the 10-year Treasury yield to a fresh high for the year before easing into the Fed meeting.
Key takeaways
- Bitcoin fell to about $75,600, retreating from the $79,000-plus area and pulling price back toward the $75,000 level.
- Catalysts included the US Senate’s failure to move the Digital Asset Market Clarity Act and rising Treasury yields that weighed on risk assets.
- Liquidation dynamics intensified as leveraged positions were forced out after breaks below $77,000 and $76,000.
- Near-term focus shifts to the Fed, with markets expecting a 25 basis point increase and watching for guidance on how restrictive policy will remain.
- Technical levels may determine the next leg, with $74,500–$74,700 a key liquidation pocket below current trading ranges.
What drove the move
The immediate trigger for the crypto drawdown was political and macroeconomic. According to coverage cited by MarketWatch and data referenced by FactSet, Bitcoin dropped to an intraday low of $74,913 after the US Senate vote on September 15 failed to advance the CLARITY Act.
The procedural vote ended 50-49, short of the 60 votes required to move the legislation forward. Four Republican senators voted with Democrats against the bill, while Republican Senator Thom Tillis voted for procedural reasons that could allow the measure to be reconsidered. The proposal aimed to establish a federal regulatory framework for digital assets and clarify the roles of US financial regulators.
At the same time, bond-market turbulence added pressure. The 10-year US Treasury yield reached 5.04% on September 15, its highest level since July 2007, before easing back toward 4.97% as investors waited for the Fed. The report said the bond sell-off was tied to higher oil prices and expectations that the central bank would raise rates.
As Bitcoin traded through key psychological levels, leverage amplified the decline. Leveraged positions were reportedly caught when price fell below $77,000 and $76,000, with total crypto liquidations over the prior 24 hours estimated at more than $500 million—led primarily by liquidations of long positions.
Market reaction and positioning
Liquidation mapping suggests positioning remains fragile. A 24-hour liquidation heatmap linked to Binance’s BTC/USDT pair showed a dense cluster of liquidation leverage near the $74,500–$74,700 area below current price levels. A second concentration was noted around $76,700–$77,000, implying that Bitcoin is currently trading between two large pools of forced-sale liquidity.
ETF flows have not provided meaningful offset during the decline. Flow estimates cited in the report showed net outflows on September 15 after inflows of about $160 million in the prior session, with Fidelity’s FBTC named among the larger sources of withdrawals. That combination—weak ETF support and forced selling from leveraged traders—has left price vulnerable heading into the next scheduled catalyst.
Fed decision set to steer the next move
The next major direction likely hinges on the Federal Reserve. The report said the Fed’s policy decision is scheduled for 2 p.m. ET on September 16, followed by Chair Kevin Warsh’s press conference at 2:30 p.m. ET. The meeting runs over two days, and markets are overwhelmingly positioned for a 25 basis point increase—the first hike since 2023.
If implemented, the quarter-point move would raise the federal funds target range from 3.50%–3.75% to 3.75%–4.00%. Traders are expected to focus heavily on Warsh’s remarks, particularly any signals on whether additional tightening will follow, as well as the updated Summary of Economic Projections and the dot plot included with the decision.
What the charts are signaling
On the daily timeframe, Bitcoin was reported around $75,500 after a rejection from the $80,000–$81,000 area earlier in September. The report noted that price has fallen below the 20-day exponential moving average at $76,832, with the shortest of the four daily averages now above spot.
Longer moving averages remain below current price as a cluster between $71,300 and $73,500 forms the next area of chart-based support if $75,000 does not hold. The report cited an Aroon reading skewed toward downside momentum, with Aroon Down at 92.86% and Aroon Up at 7.14%, suggesting recent lows are being established more recently than new highs on the daily chart.
On the four-hour chart, the report described price trading below $76,000 and positioning close to lower volume-weighted average price bands. It also said 4-hour momentum remains bearish, with MACD below zero and no bullish crossover yet—leaving the market in a state where the Fed decision could trigger either a continuation of the decline or a faster rebound toward nearby resistance.
Key technical zones mentioned include a potential test of the $74,500–$74,700 liquidation cluster if Bitcoin breaks below $75,000, versus a recovery toward $76,800–$77,000 that could pull the $78,000 level back into focus. A broader rebound, the report suggested, would require reclaiming the daily 20-day exponential moving average, with the previously rejected $80,000–$81,000 area as the next major upside reference.
Heading into the Fed, traders will likely weigh rate expectations against the immediate liquidity picture—ETF flows, liquidation concentrations, and Treasury yields—while monitoring how Warsh frames the path for policy beyond the September move.
What to watch next: Bitcoin’s reaction to the Fed’s rate decision, any changes in the dot plot and the Summary of Economic Projections, and Chair Warsh’s guidance on the likelihood of further tightening. With the next catalysts arriving at 2 p.m. ET and 2:30 p.m. ET, liquidity-driven moves around the $75,000 and $74,500–$74,700 zones may intensify quickly depending on the central bank’s tone.
