Bitcoin Plunges Toward $60K as Senate Cloture Vote Looms
Bitcoin has been slowly moving downward toward the $60,000 level, and the technical indicators are not showing any signs of divergence. The 4H MACD is still negative, and the RSI is around 40.7, which suggests that the decline may continue.
The delay in the Senate vote on the CLARITY Act has been seen as a possible reason for the decline in Bitcoin's price. However, other market forces such as post-NFP Fed repricing, Hormuz escalation, and pre-CPI equity weakness could also have contributed to the crypto weakness.
The next key date is September 15, when the Senate will hold a cloture vote on the motion to proceed with the CLARITY Act. A failed cloture vote would be a clear negative signal for Bitcoin's price, while a successful vote would only keep the legislative process moving forward.