Bitcoin Holds $78,000 Despite Fed Hike and Senate Bill Failure
Bitcoin lost 1.5% in September, a smaller drop than the historical average, while remaining on track for a quarterly gain.
Bitcoin is down 1.5% in September, marking its weakest month in years with minimal price action. The asset remains on track for a 32% quarterly gain, its first positive close since Q3 2025.
The price held near $78,000 despite the Federal Reserve's first rate hike in three years. The Senate also failed to pass the Clarity Act, a regulatory setback that did not trigger a significant sell-off.
Senate rejection fails to move price
The Clarity Act failed to secure 60 votes in the Senate on Tuesday. It received only 49 supporters, short of the required threshold for advancement.
Bitcoin dipped below $74,887 briefly after the vote before stabilizing. According to CoinDesk, this contained reaction suggests traders had already priced in the risk of failure.
Macro headwinds meet resilient demand
West Texas Intermediate crude oil rose above $106 per barrel, a five-month high. The Dollar Index also topped 100, its highest level in over a month, tightening financial conditions.
The Bank of Japan raised its benchmark rate to a 31-year high. These factors typically weigh on risk assets, yet Bitcoin maintained its level.
Analysts see seller exhaustion in data
Mitchell Askew of Blockware noted that bad news no longer drives prices down. He described this lack of reaction as a sign of seller exhaustion.
Fabian Dori of Sygnum Bank argued that rising rates can signal debasement risk. This environment may benefit store-of-value assets like Bitcoin and gold.
