Bitcoin absorbs initial pre-Fed sell-off, leaving $70K as a critical test for Warsh’s Fed decision

Bitcoin fell to an intraday low below $75,000 on Sept. 15, extending a selloff already underway ahead of the Senate vote on the CLARITY Act.

The Senate failed 49-50 to invoke cloture on a motion to proceed to the bill, short of the 60 votes required, leading Bitcoin to its intraday low.

Coinbase fell about 10%, and Circle lost more than 11%, with the larger losses hitting crypto businesses directly exposed to US regulation.

On the macro side, the 10-year Treasury yield reached 5.041%, its highest level since 2007, while Brent crude traded above $105.

Polymarket showed odds for CLARITY passage falling from 31% to 19% before the vote, and Bitcoin had already slipped below $77,000 during that repricing.

The final vote landed in a market that had already priced in a much higher probability of failure. The decline combined political disappointment with 5% Treasury yields, $100-plus oil, and tighter rate expectations.

Bitcoin now reaches the Sept. 16 FOMC meeting after losing the $76,300-$76,600 area, a key level for its price action.

CryptoQuant places Bitcoin's 200-day moving average around $70,000. From $75,900, a move to $70,000 would mean another decline of about 7.8%. The deeper $62,000-$65,000 zone holds another layer of market structure because CryptoQuant says long-term holders accumulated roughly 476,000 BTC there this year.