Bitcoin Crumbles Amid Policy Uncertainty

Bitcoin's price dropped sharply on Tuesday, falling 2.39% to around $76,314 after dipping as low as $76,076. This decline erased its post-golden-cross advance and brought the price closer to key Fibonacci support.

The Senate's Clarity Act cloture vote is scheduled for today at 2:15 p.m. ET, requiring 60 votes to proceed. A failed cloture vote would not kill the bill but could delay comprehensive crypto market-structure legislation until after the midterm elections, leaving the industry under existing patchwork rules.

The Federal Reserve's decision, set to be announced roughly 24 hours later, adds to the pressure on Bitcoin's price. Weakening technical momentum and broader risk-off conditions also contribute to the decline.