Bitcoin Fends Off $76,000 Support Amid Regulatory Uncertainty
Bitcoin has managed to hold its ground at the $76,000 level despite facing multiple negative factors this week. According to The Crypto Basic, the price of Bitcoin did not break out of the $75,000 to $76,000 range despite a setback to U.S. crypto regulatory legislation and a benchmark rate hike.
The rejection of the Clarity Act by the U.S. Senate on September 15 and the subsequent 0.25 percentage point increase in the Federal Reserve's benchmark rate may have weighed on the market. However, trader Michael XBT noted that Bitcoin had several reasons to fall this week but held a key support level.
Bulls are citing the return of long-term funds and on-chain indicators as signs of an early bull market structure. Bitcoin analyst Willy Woo put the probability that a bear market bottom has already formed at 90%, saying 'I put the probability the bottom is in at 90%.'