Bitcoin Holds Near $75,000 Despite Three Shocks: What Data Is the Market Awaiting?
Bitcoin showed resilience around the $75,000 level despite the Fed’s interest rate hike and the rejection of the Clarity Act in the Senate.
Crypto investors expected the Fed’s rate hike, combined with the failure of the Clarity Act to pass in the Senate, to trigger a sharp sell-off. However, Bitcoin‘s price did not experience a permanent decline despite these two developments and large-scale leveraged position liquidations.
While the Senate vote failed 49 to 50, Bitcoin approached the $75,000 level again after a pre-decision pullback. In the first 24 hours following the vote, $571 million in liquidations occurred in long futures positions.
Critical price levels for Bitcoin
Jag Kooner, Head of Derivatives at Bitfinex, stated that investors had not taken strong positions anticipating the bill’s passage. According to Kooner, because there were not many trades built on the assumption that the bill would be passed, its rejection led to a more limited spot price reaction than expected.
Nexo Dispatch analyst Ilya Kalchev noted that although Bitcoin withstood three separate shocks—the Fed decision, the Clarity Act vote, and the liquidation wave—a new bullish catalyst has yet to emerge. For this reason, he stated that range-bound movement might prevail in the near term rather than a sharp breakout.
Kalchev believes that for the rally to gain strength, the $77,950 level must be surpassed first, followed by $79,300 and $80,000. If stability is maintained above $80,000, $81,400 could come into play. Conversely, falling below $75,000 could weaken the recovery.
Market awaits October data
Following the Senate vote, the Securities and Exchange Commission (SEC) announced a temporary and conditional exemption allowing eligible crypto platforms to offer tokenized U.S. shares. This step supported expectations that new rules could be established through agencies despite the lack of comprehensive legislation.
The market’s next key tests will be the employment report to be released on October 2 and the consumer price index to be published on October 14. According to analysts, sustained ETF inflows or a re-acceleration of spot Bitcoin purchases could provide a stronger sign that the current price range is preparing for an upward breakout.