Bitcoin Price Slips Below $77,000 Amid Senate Vote and Fed Hike Expectations
Bitcoin's price slipped below $77,000 on Tuesday as traders pulled back ahead of key events. The US Senate was set to vote on the CLARITY Act, a procedural hurdle that needs 60 votes to pass and could determine whether the legislation progresses at all.
The cryptocurrency market also faced pressure from a macro backdrop characterized by rising Brent crude prices above $106-$108 a barrel due to Middle East tensions. This has sharpened expectations for a 25-basis-point Fed hike on Wednesday, adding pressure to risk assets offering no yield.
Despite this, US spot Bitcoin ETFs attracted $159.9 million of net inflows on September 14, led by BlackRock's IBIT. However, traders are watching whether bitcoin can hold the $76,000-$76,500 area, with $75,500 and then around $73,000 seen as the next support levels if selling deepens.