Bitcoin price has fallen below $77,700, as traders prepare for the Federal Reserve’s FOMC interest rate decision tomorrow. The market is already seeing heavy pressure, with nearly 79,000 traders liquidated and total liquidations reaching $337.75 million in the past 24 hours.
So, why is Bitcoin price down today, and could BTC fall further or reclaim its next resistance level?
Why Bitcoin Price Is Down Today?
Bitcoin’s price is down by 1.28% as traders turn cautious ahead of two major U.S. events. The main pressure comes from today’s high stakes Senate procedural vote on the Digital Asset Market Clarity Act, which has faced strong opposition from banking groups over its stablecoin “circuit breaker.”
This has reduced market hopes for the bill. Prediction market odds for its passage have fallen from 44% to 18% ahead of the September 15 vote.
At the same time, markets are pricing in a 93% chance of a Fed rate hike, leading traders to reduce their exposure to Bitcoin.
Adding fuel to the fire is rising Brent crude oil prices. Brent crude has moved above $106 a barrel as Middle East tensions rise. Higher oil prices can push inflation higher and keep Treasury yields elevated.
Higher yields can also pull money away from Bitcoin and other assets that do not generate regular income.
FOMC Meeting Tomorrow: Fed To Hike Rate
The Federal Open Market Committee will announce its interest rate decision on Wednesday, September 16, at 2:00 p.m. ET. August inflation has kept pressure on markets, with CPI at 3.4% year over year and PPI at 5.4%.
Therefore, markets are now pricing a 93% chance of a 25-basis-point rate move, according to the CME FedWatch Tool.
Traders will also watch Fed Chair Kevin Warsh’s comments for clues about the central bank’s next steps
Bitcoin ETF Flows Turn Positive
Despite Bitcoin’s price drop, U.S. spot Bitcoin ETFs recorded $159.9 million in net inflows on September 14, giving the market some support. BlackRock’s IBIT led with $134.3 million, followed by Fidelity’s FBTC with $53.3 million and Morgan Stanley’s MSBT with $9.7 million. However, ARKB saw $42 million in outflows, reducing the overall inflow.
The latest inflows come after a weak week for Bitcoin ETFs, which recorded around $461 million in net outflows. The shift back to positive flows could offer some support if buying continues.
Bitcoin is now testing the $76,000–$76,500 support zone. Holding this area could help BTC stabilize, while a break below it could push the price toward the next major support near $73,000.
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