Bitcoin Dips Below $107K Amid Senate Vote on Big Bill
Bitcoin Under Pressure as Senate Votes
Bitcoin has fallen back below $107,000 after the U.S. Senate kicked off its marathon voting on the “Big Beautiful Bill.” As of July 1, BTC is trading around $106,600, marking a near 1% decline in the past 24 hours. While pro-crypto amendments offer a potential upside catalyst, growing macroeconomic concerns have put fresh downward pressure on price.
Senate Vote-A-Rama Drives Volatility
The Senate’s rapid amendment-and-vote process on the so-called “One Big Beautiful Bill” has injected volatility into crypto markets. Bitcoin’s daily trading range has swung between approximately $106,500 and $108,000, contributing to significant liquidations across derivatives desks as traders adjust positions around each vote outcome.
Technical Indicators Hint at $100K Test
Technical analysis points to further downside risk. The MACD indicator is on the verge of a bearish crossover, and BTC has slipped below the midline of its ascending channel. A sustained close under the 78.6% Fibonacci retracement level (near $104,100) could open the door to a move toward $97,800. Meanwhile, the RSI is trending downward, with a break below 50 likely to confirm bearish momentum.
On-Chain Data Signals Declining Demand
On-chain metrics are flashing warning signs: apparent demand has turned negative, reflecting a pullback in fresh buying interest. With retail catalysts scarce and traders wary of potential inflationary impacts from the bill, weakening on-chain demand could exacerbate the current price weakness.
Outlook
As the Senate vote progresses, Bitcoin faces a critical inflection point. Adoption-friendly amendments could spark a relief rally, but bearish technicals and waning on-chain demand suggest a looming test of the $100,000 level before any sustained rebound. Investors will be watching both legislative developments and key technical thresholds to gauge BTC’s next move.