Last night’s sell-off can’t be viewed as only a technical pullback. 【Verified event】 The U.S. Senate failed to advance the CLARITY Act. CoinDesk, Cointelegraph, and The Block all reported it. After regulatory expectations cooled, crypto stocks and major coins faced pressure at the same time. 【Market snapshot】 As of 09:40, BTC is around 75,556, down 3.10% over the past 24 hours. Yesterday’s daily candle dropped from 78,189 to 75,644, with a low of 74,968. It is still below MA7 (around 76,758) and MA25 (around 78,238), so a rebound structure has not yet been formed. ETH is around 2,394, down 4.78% over 24 hours—its drop is clearly larger than BTC’s, suggesting weaker market risk appetite. ETH is also below MA7/MA25, around 2,467. 【My take】 The regulatory event is a downside catalyst, but it doesn’t mean the price will be continuously suppressed indefinitely just because the bill doesn’t pass. In the short term, the key is this: after the bad news is priced in, can the market quickly reclaim lost ground? For BTC, first watch support at 75,500 and 74,968. Reclaiming 75,960 can only be considered a stop-the-bleed signal; after it holds above 76,250, there may be a chance to continue repairing. If 74,968 breaks, price may seek support near 74,000. For ETH, first watch 2,393 and 2,359. Only once it reclaims and holds 2,408–2,420 can we say a repair is underway. If 2,359 breaks, weakness may continue spreading to altcoins. 【Risk reminder】 1. The current daily K, 1H, and 4H candles have not closed; intraday rebounds shouldn’t be directly taken as a reversal. 2. After bad news, markets often see a quick surge followed by another sharp sell-off; it’s not suitable to chase orders in the middle of a range. 3. ETH is weaker than BTC. If ETH/BTC keeps weakening, lower expectations for altcoin rebounds. 4. The bill’s follow-up may still involve new negotiations; sudden news could quickly invalidate the levels above. My strategy is to wait for price to trigger—no guessing bottoms early. Data: Binance publicly available charts, 09/16 09:40; source of events: CoinDesk, Cointelegraph, The Block. For personal review only and does not constitute investment advice.