Bitcoin slipped below $77,000 as traders zeroed in on Washington and the Fed. Recent jobs data has pushed rate-hike odds higher, and crypto is also trading with fresh attention on U.S. market-structure policy. That mix helped drag price lower.
But the more important read is what did not happen: the stress gauges still do not point to panic. Volatility is elevated, yet the market has not tipped into the kind of full derivatives washout you would expect in a true capitulation move. So for now, this looks more like a policy-driven pullback than a market breaking under extreme stress.
Bitcoin’s reaction to Fed jitters and the CLARITY vote risk after slipping below $77,000 is what sets tomorrow’s tone.