The US Senate has advanced a joint resolution that could require President Donald Trump to seek congressional approval to continue the Iran war. As a result, Bitcoin and US stock futures are rising on Wednesday.
Bitcoin reclaimed $77,300 as oil prices fell sharply below $103 per barrel over the last few hours. Trump threatens military strikes on Iran again after calling off a planned attack following the Gulf countries’ request.
US Senate Votes to Advance War Powers Resolution to End Iran War
The US Senate has passed a joint resolution 185, the New York Times reported on May 20. The Senate advanced the war powers resolution that would end the Iran war unless President Donald Trump obtains the Congress’ authorization.
The resolution advanced with 50 votes in favor and 47 against, as four Republicans sided with Democrats to end the Iran war. Notably, three Republicans missed the vote. This marks a victory for lawmakers arguing that Congress, not the president, should have the power to send troops to war.
However, it was only a procedural vote, and the resolution needs to pass the Republican-led House of Representatives even if it passes the Senate. Notably, the bill needs two-thirds majorities in both the House and Senate to survive an expected Trump veto.
Senator Bill Cassidy claimed he supports the Trump administration’s actions to dismantle Iran’s nuclear program. However, the White House and Pentagon have left Congress in the dark on Operation Epic Fury.
While I support the administration’s efforts to dismantle Iran’s nuclear program, the White House and Pentagon have left Congress in the dark on Operation Epic Fury. In Louisiana, I’ve heard from people, including President Trump’s supporters, who are concerned about this war.…
— U.S. Senator Bill Cassidy, M.D. (@SenBillCassidy) May 19, 2026
Bitcoin Rises Above $77K
Bitcoin has reclaimed above $77,300 today, after the recent crypto market crash. The price jumped 1% in a few hours as the Senate advanced the Iran war resolution.
The 24-hour low and high are $76,082 and $77,325, respectively. However, trading volume has decreased by 31% over the last 24 hours, indicating a decline in interest among traders ahead of the FOMC minutes release.
With US futures opening higher today, crypto stocks could bounce. However, Bitcoin is expected to hold current levels for a few days before falling towards $75K by May-end. Currently, Bitcoin is bouncing from the 50-day moving average on the daily chart.
CoinGlass data also showed selling in the derivatives market in the last few hours. At the time of writing, the total Bitcoin futures open interest fell 1% to $56.56 billion in the last 24 hours. BTC futures open interest on CME and Binance fell more than 1.90% and 1.36%, respectively, signaling caution among derivatives traders.
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