Bitcoin Holds Steady Ahead of Fed Meeting and Regulatory Vote

The price of Bitcoin (BTC) has recovered to around $78,500 after falling to the $76,500-$77,000 area on Friday. The current rebound confirms that demand for the cryptocurrency remains in place, but overall it is still in a consolidation phase, trading within a broad range.

The main macro factor influencing Bitcoin's price has shifted to the Federal Reserve (Fed) meeting scheduled for September 15-16. Market participants are pricing in an approximately 85% probability of a 25 basis point rate hike, following strong non-farm payroll (NFP), August personal consumption expenditures (PCE) price index (PPI), and consumer price index (CPI) data.

The Senate will also hold a procedural cloture vote on the CLARITY Act tomorrow. A successful vote could give Bitcoin a short-term positive impulse by reducing regulatory uncertainty, while failure to clear the 60-vote threshold would likely bring legislative risk back into the price.