Bitcoin price tests $75K as Supertrend turns bearish

Bitcoin price traded near $76,200 after a volatile week as the failed CLARITY Act vote and the Federal Reserve’s rate increase kept pressure on the market. Technical indicators now point to resistance near $78,600, while liquidation data places the main downside liquidity cluster around $74,600. Summary Bitcoin price fell roughly 4% over seven days after briefly approaching $80,000. The daily CMF dropped to -0.11, indicating that capital outflows have overtaken inflows. 4-hour resistance sits near $78,600, while the RSI remains below the neutral 50 level. Liquidation clusters near $74,600 and $77,700 could shape Bitcoin’s next move. Bitcoin price retreats after rejection near $80,000 According to data from crypto.news, Bitcoin (BTC) was trading near $76,236 at the time of writing, according to the daily chart. The cryptocurrency had recovered from an intraday low of $75,065 after opening the session around $75,644. BTC has lost roughly 4% over the past seven days after failing to hold an advance toward $80,000. Price briefly reached approximately $79,800 on Sep. 11 before sellers regained control, sending it as low as $74,944 on Sep. 15. The weekly decline followed the U.S. Senate’s failure to advance the Digital Asset Market CLARITY Act. The procedural measure received 50 votes in favor and 49 against but needed 60 votes to move forward. You might also like: Celsius estate sues BitMEX over $495M in Bitcoin liquidations The proposed legislation sought to define how the Securities and Exchange Commission and Commodity Futures Trading Commission would divide oversight of digital assets. Its failure reduced the prospect of Congress establishing a federal crypto market structure before the November midterm elections. Macroeconomic conditions added to the pressure. The Federal Reserve raised its target rate by 25 basis points to a range of 3.75% to 4.00% on Sep. 16, delivering its first increase since 2023. Bitcoin briefly reacted to the widely expected decision but remained close to its four-week low. Higher rates can reduce demand for non-yielding and risk-sensitive assets by raising returns available from government debt and strengthening the U.S. dollar. Daily Bitcoin indicators show weakening demand The daily chart shows BTC trading below its 20-day simple moving average at $78,104. Reclaiming that level would be an early sign that buyers are regaining short-term control. Bitcoin price daily chart — Sep. 16 | Source: crypto.newsBitcoin remains above the other major averages shown on the chart. The 50-day SMA stands near $71,933, while the 200-day and 100-day averages sit around $70,320 and $67,639, respectively. The distance between the current price and those longer-term averages means the wider recovery from Bitcoin’s summer lows has not yet broken down. However, failure to recover the 20-day average could expose the lower moving-average cluster between $70,300 and $71,900.