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BTC The Clarity Act was rejected by the Senate, and Bitcoin prices plunged to $75,000.
On Tuesday, the Clarity Act was rejected in the U.S. Senate vote, causing the price of Bitcoin to fall sharply to $75,000. Markets expect the Federal Reserve to announce a 25 basis point rate hike at the FOMC meeting later on Wednesday. Although this impact may have been absorbed by the market ahead of schedule, the market's reaction will determine whether Bitcoin will fall further.
Signs of a break in the parallel channel
With the failure of the Resolution Act vote, BTC prices fell below the parallel channel, hitting as low as US$75,000 and then rebounded slightly. Prices now appear to be stabilizing at horizontal support at $75,600 and have poked downward into areas near the start of the parallel channel.
As Wednesday approaches and the Federal Reserve's interest rate announcement approaches, price movements may fluctuate. One possibility is that BTC prices will retest the bottom of the channel, which is also the neckline of the "head and shoulders" pattern. Although rejection of the test (i.e., failure of a price to effectively break below) seems to be a more likely event, markets are often difficult to predict. If markets believe (with the cooperation of Federal Reserve Chairman Powell) there is greater certainty before the end of the year, the overall upward trend may continue.
Will the BTC price return to confirm the rupture of the channel and head and shoulder top pattern?
It can be observed on the daily chart that BTC prices are on the verge of next downside risk. As mentioned earlier, since previous important support levels may turn into resistance levels, there is the possibility that prices will test back to the bottom of the channel.
If we assume that this marks the beginning of a crash, the next critical level is $73,000. Will prices stop falling here? That's possible, but based on the measurement target of the "head and shoulders" pattern, the BTC price may drop to US$70,500. This position has multiple technical resonance effects, not only corresponding to the 200-day simple moving average (SMA), but also coincides with the 0.618 Fibonacci correction drawn from the bottom to the top of this round of rebound.
The Relative Strength Index (RSI) at the bottom of the chart shows a steady downward trend in the indicator line. A trend line has formed above, so if there is a substantial positive price increase, the indicator line may need to break through the trend line, which needs to be closely observed.
Where is the next support level?
Looking at the macro time frame of the weekly chart, further declines thereafter seem more likely than increases. Where will BTC prices go in the next few weeks? It may not even take weeks to reach your destination. If the current support level of $75,600 falls, the decline could accelerate.
$73,000 is a good support level. While bears may view the decline as shallow, it coincides with the 0.382 Fibonacci retracement level, which could constitute a bullish level of rally given the magnitude of the previous rally. $69,000 is the next important level and provides strong and good support; and if there is a real sharp decline,$65,700 may be the strongest support level.
到了周三交易日的尾声，我们可能会对价格的走向有更清晰的认识，而周线的收盘情况可能会带来更具启发性的信号。对于比特币持有者来说，现在是焦虑却又充满期待的时刻。
