Bitcoin slid below $76,000 on the fallout from a failure to advance the Clarity Act in the U.S. Senate, triggering this month’s largest short-term holder sell-off.

Blockchain outlet U.Today reported on Tuesday local time that the Senate put the Clarity Act, a bill on crypto market structure, to a procedural vote but fell short of the 60 votes needed to advance it.

Markets reacted immediately to the setback in processing the bill. Bitcoin fell about 4 percent and at one point in the session slid to $74,900. The decline was not limited to bitcoin, with selling pressure spreading across cryptocurrencies.

On-chain data highlighted jitters among recently buying investors. An analysis using CryptoQuant data showed short-term holder inflows to exchanges rose to about 33,100 BTC from about 19,400 BTC. Of that, 23,200 BTC was moved to exchanges while in a loss. It was the biggest instance of realized losses by short-term holders in the past month.

Inflows varied by exchange. More than 6,000 BTC flowed into Kraken, well above the usual 2,000 to 3,000 BTC range. More than 10,000 BTC moved to Binance, while the 7,300 BTC received by Coinbase Advanced was presented as relatively close to its usual range.

The pattern differed somewhat from a scenario in which all holders rush to sell at once. The key point was that selling pressure was more concentrated among investors who recently bought bitcoin. As short-term holders reacted sensitively to the price drop, coins with losses locked in piled into exchanges, and major exchanges appeared to absorb them.

The technical picture has yet to show a clear rebound signal. Bitcoin is currently trying to stabilize in the $75,000 to $76,000 range. It has repeatedly failed to maintain upside momentum above $80,000, and on the daily chart the price fell back from around $75,959 into the $75,500 to $76,000 range where a short-term moving average sits.

Momentum has also weakened. The daily relative strength index, or RSI, neared the overbought zone during the August rebound but has since retreated to around the neutral line of 50. That suggests limited upside force in the price action ahead. On the upside, a recovery of $78,000 is needed first. It would then have to climb back above $80,000 to $81,000 to restore the price structure damaged by the recent sell-off.

Still, a more important technical support level on a medium-term basis remains intact. As a result, the next points to watch are how quickly stop-loss selling triggered after the failed Senate vote subsides, and whether bitcoin can defend support in the $75,000 range in the near term.