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<a href="https://xpertsstudio.com/cartel-linked-<a href="https://xpertsstudio.com/why-bitcoin-and-tech-stocks-are-feeling-the-heat/” title=”Why Bitcoin and Tech Stocks Are Feeling the Heat”>bitcoin-mine-found-stealing-power-in-mexico/” title=”Cartel-Linked Bitcoin Mine Found Stealing Power in Mexico”>Bitcoin(CRYPTO: BTC) slipped to $76,600 over the weekend as traders await a breakout above $83,000 or another pullback in light of this week’s CLARITY Act procedural vote and FOMC meeting.
Why Is $83,000 the Key Hurdle?
Doctor Profit remained bullish on Bitcoin’s broader recovery in his “Big Sunday Report” but cautioned that it is yet to reclaim the 50-week moving average for confirming the next leg higher.
“I am not going to call a breakout confirmed while the resistance is still standing,” the analyst said.
The trader compared Bitcoin’s current structure with its early-2023 recovery, when BTC made several attempts to clear its 50-week MA before eventually breaking higher.
The comparison does not mean Bitcoin will repeat the same path but suggests repeated rejection from a major moving average does not necessarily invalidate the broader recovery.
Doctor Profit sees two possible paths:
- A decisive break above $83,000 would strengthen the bullish structure and put $88,000 in focus.
- A pullback toward $71,000 remains possible and is viewed as the strongest support and a potential long-entry area.
The analyst continues holding spot positions rather than trying to predict whether BTC dips first.
Clarity Act, Fed Decision Places BTC On Watch
Bitcoin also faces a packed macro calendar.
The Sept. 15 CLARITY Act vote is a procedural 60-vote hurdle, not final passage for the crypto legislation. while the Sept. 16 Fed decision is another key event.
Markets are pricing an 85.5% probability of a quarter-point rate hike, versus a 14.5% chance of unchanged rates.
The analyst believes much of the event risk is already reflected in markets and he would prefer the Fed leaves rates unchanged.
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