Bitcoin Resilient Despite Rate Hike and Failed Senate Vote

Bitcoin (BTC) recently faced two significant challenges in a short span of time: a Federal Reserve rate hike and a failed Senate vote on the CLARITY Act. However, its price remained resilient and even rose following the Fed's decision to raise interest rates.

The CLARITY Act aimed to clarify which US regulator oversees digital assets, but it did not advance in the Senate. Bitcoin funds shed $450.33 million that day, while spot Bitcoin and Ethereum products lost a combined $592 million in outflows, the deepest single-day ETF outflows in months.

Despite these setbacks, Bitcoin's price moved upward after the Fed announced its rate hike decision, increasing from around $75,350 to above $76,100. The price has since stabilized at $76,297, with a 0.58% increase over the past 24 hours and a 2.5% decline on the week.

According to Glassnode, Bitcoin's True Market Mean is currently at $76,700, which reflects the average price paid by active investors in the market. The price has pierced this level twice before but recovered both times, indicating that losing it once was a slip and losing it twice could be a break.

Realized Cap, a measure of new capital entering the market, turned negative on September 15, suggesting that the rally that built the range is no longer fueled by new investors. The buyers who carried the price upward in 2025 are also gone, with listed companies having bought about 5,900 BTC over three months at an average entry price above the current spot price.

On-chain analyst Willy Woo believes that the odds of the low being already set are at 90%, citing the return of long-term liquidity as a key factor. However, seasonality also plays a role, with September often being considered a 'nothing month' for Bitcoin and October potentially marking the point where many expect a bottom.