Bitcoin Price Slips Below $76,000 After CLARITY Act Fails

The Bitcoin price has slipped below $76,000 after the CLARITY Act failed to pass in the Senate. The act's failure triggered a sharp reaction in crypto derivatives, with $288.44 million in long positions liquidated within four hours of the vote.

Despite this setback, experts believe that BTC's breakout is still intact and that it holds well above its trendline. However, a bearish RSI divergence has formed at the $80,000 rejection zone, which could signal a pullback.

The Federal Reserve's rate decision later this week will also play a crucial role in determining the future of Bitcoin's price. Markets are pricing a 92.5% chance of a rate hike, which could put additional pressure on crypto markets.