Bitcoin price action got a reality check this week. On September 14, Santiment Insights described extreme FOMO across the crypto community as bullish narratives surged around expectations for a favorable CLARITY Act outcome. The warning was about euphoria itself, regardless of how the decision eventually turned out.
The mood changed quickly. On September 15, the Senate failed to advance the CLARITY Act, and Bitcoin fell as regulatory optimism unwound.
FOMO traders were suddenly dealing with lower prices instead of the bullish outcome they had positioned for. Then another risk-off catalyst arrived.
On September 16, the Fed raised rates by 25 basis points to 3.75%-4.00% and signaled that additional tightening may follow.
After both events, crypto sentiment cooled back near neutral. Santiment’s view is that enthusiasm has been flushed out and fear is rebuilding, creating a different market backdrop from the extreme FOMO seen at the start of the week.
Meanwhile, CryptoQuant’s analysis points to a potentially constructive development for Bitcoin. The Bitcoin hashrate has ended its downward trend and is gradually increasing again.
Higher miner activity can act as a positive factor for Bitcoin price, according to the analysis. Historically, Bitcoin has shown bullish trends when hashrate increases, although the relationship also works in reverse because miners tend to increase activity when price rises.
There’s another piece to the argument. Rising hashrate means higher mining costs, which the analysis associates with increasing Bitcoin value.
For Bitcoin price, the market is therefore balancing a cooled sentiment backdrop against a recovering hashrate trend. The next move will show whether that shift in miner activity can matter after this week’s FOMO flush.
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