Bitcoin fell to $75,000 after the US Senate rejected the Clarity Act on Tuesday, breaking the token out of its recent trading channel. Spot bitcoin ETFs then posted a $450.4 million net outflow on Sept. 15, erasing the previous session's inflow just as the Federal Reserve's rate decision approached.
Bitcoin fell out of its parallel channel and dropped as far as $75,000 after the Clarity Act failed a vote in the US Senate on Tuesday, before finding a base near the $75,600 horizontal support level.
Fed decision looms after channel break
A 25 basis point rate hike is expected when the Federal Reserve announces its decision at Wednesday's FOMC meeting, and the market's reaction could decide whether bitcoin falls further. The daily chart shows the price near the neckline of a head-and-shoulders pattern, and a rejection there would point to a move down toward $73,000, a level tied to a Fibonacci retracement of the prior rally. Below that, $69,000 and then $65,700 stand as further support.
ETF outflows erase Monday's rebound
Beyond the chart, flow data point the same way. US spot bitcoin ETFs recorded a $450.4 million net outflow on Sept. 15. That more than erased the previous session's $159.9 million inflow. The six completed sessions since Sept. 8 added up to a net $753 million withdrawal. Bitcoin traded near $75,900 at press time, according to CryptoSlate.
Spot and derivatives sellers move together
Glassnode's Week 38 report showed spot cumulative volume delta at negative $142 million, below its negative $115 million lower statistical band, indicating sellers dominated activity on centralized exchanges. Perpetual cumulative volume delta dropped to negative $605 million, far below its negative $233 million lower band. Open interest in futures eased from $37 billion to $36 billion but remained above its $36 billion upper band, while long-side funding payments rose to $1.4 million, staying within their normal range.
The Fed's decision was still pending at the same reporting cutoff, leaving bitcoin's first post-decision test still ahead.
Sources: Crypto Daily, CryptoSlate
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