Bitcoin fell because a procedural vote in the US Senate to advance the Act (crypto market structure bill) failed 49-50, where 60 votes were required to advance. On that news, Bitcoin dropped to around 76,000 (CNBC, CoinDesk). For now, it is holding its support zone (the price area where buyers prevent a further drop), but closing below it could open up a bigger downside. Natural gas is continuing to rise and is nearing its next resistance (the price area where selling pressure could increase). Gold and silver are higher, supported by pullbacks in Treasury yields (the return on bonds, which signals interest rate expectations); this means yesterday’s bearish pattern (head and shoulders, which signals a potential reversal lower) could also fail. A trucking company fell about 11% after warning of rising costs, and Intel rose on a report that SK Hynix is talking about making chips with it in the US, although SK Hynix said nothing has been finalized (CNBC, Reuters). The dollar is trading in a narrow range ahead of the Fed, and the S&P 500 remains above its key support, keeping a bullish bias. Oil is down because Saudi crude is being shipped via Oman, and US crude inventories unexpectedly rose by 7.1 million barrels. The biggest event today is the Fed’s rate decision. According to CME FedWatch, there is roughly a 93% chance that the Fed will hike by 25 basis points (0.25%) to move the range to 3.75%–4.00% (CME FedWatch). Since this hike is largely already priced in, the market reaction will particularly depend on the dot plot (the chart showing where officials expect rates to be) and the press conference. This is just market observation—make your trading decisions based on your own research and risk appetite.
Bitcoin (BTC) [Bearish / Down]: Dropped to around ~$76,000 after the CLARITY Act failed in the US Senate; for now, the support zone is holding.
Crude Oil [Bearish / Down]: Fell after Saudi crude via the Oman route and a 7.1 million barrel increase in US inventory.
Trucking Company [Bearish / Down]: Fell by ~11% after a warning about rising costs.
US Dollar (DXY) [Neutral]: It is trading in a narrow range before the Fed decision.
S&P 500 [Bullish / Up]: It is above the key support level, keeping bullish momentum intact.
Gold & Silver [Bullish / Up]: Supported by a pullback in Treasury yields.
Intel [Bullish / Up]: Gains were seen on news about US chip manufacturing with SK Hynix.
Natural Gas [Bullish / Up]: With a continuous rally, it is nearing the next resistance zone.
Fed Rate Decision (Main Event): According to the CME FedWatch, there is a 93% chance of a 25 bps (0.25%) rate hike (from #btc 3.75% to 4.00%).