Bitcoin price tests $75K as Supertrend turns bearish

Bitcoin price traded near $76,200 after a volatile week as the failed CLARITY Act vote and the Federal Reserve’s rate increase kept pressure on the market. Technical indicators now point to resistance near $78,600, while liquidation data places the main downside liquidity cluster around $74,600.

Bitcoin price retreats after rejection near $80,000

According to data from crypto.news, Bitcoin ($BTC) was trading near $76,236 at the time of writing, according to the daily chart. The cryptocurrency had recovered from an intraday low of $75,065 after opening the session around $75,644.

$BTC has lost roughly 4% over the past seven days after failing to hold an advance toward $80,000. Price briefly reached approximately $79,800 on Sep. 11 before sellers regained control, sending it as low as $74,944 on Sep. 15.

The weekly decline followed the U.S. Senate’s failure to advance the Digital Asset Market CLARITY Act. The procedural measure received 50 votes in favor and 49 against but needed 60 votes to move forward.

The proposed legislation sought to define how the Securities and Exchange Commission and Commodity Futures Trading Commission would divide oversight of digital assets. Its failure reduced the prospect of Congress establishing a federal crypto market structure before the November midterm elections.