Bitcoin slips near $77K as momentum fades; South Carolina signs SB 163 banning CBDC pilots and protecting miners
Bitcoin momentum is fading after a rejection above $82,000, with BTC trading around $77,200 and down ~8% from multi-month highs. On-chain/flow indicators turn more cautious: the slow-impulse momentum measure reportedly turned negative for the first time since April, and the broader momentum index fell to ~47 from ~66. Technical levels cited are mixed but key: support sits near $76,801 and $75,080, with a further downside reference at $72,673; resistance is $78,455, then $80,476 and $82,912. The article warns that if the $74,000–$76,000 band fails, the next major demand zone could be much lower (potentially around $65,000).
On the regulation side, South Carolina Governor Henry McMaster signed Senate Bill 163 (SB 163). The law bars state agencies and local subdivisions from accepting or participating in Federal Reserve-led CBDC trials. It also offers explicit protections for Bitcoin miners in industrial zones (including limits on discriminatory zoning/noise rules), exempts several mining/node/development/crypto-to-crypto activities from money-transmitter licensing, and supports self-custody by restricting hardware/wallet-use bans and discriminatory tax treatment. South Carolina joins a growing list of U.S. states adopting similar resident self-custody protections.
Neutral
This is a two-sided catalyst. On the trading side, Bitcoin shows weakening momentum: rejection above $82,000 followed by a drift near $77K, with indicators turning bearish/negative and support bands at $76.8K and $75K acting as immediate tripwires. In similar past momentum-thaw cycles, BTC often consolidates first, then breaks support if buyers fail to reclaim key overhead resistance (here around $78.5K).
On the policy side, South Carolina’s SB 163 is supportive for specific segments of the Bitcoin ecosystem (notably miners and self-custody). A state-level CBDC ban reduces the risk of additional public-sector “programmable money” adoption within that jurisdiction, and the explicit zoning/licensing/self-custody carve-outs can improve operational certainty.
However, because SB 163 is geographically limited and does not change federal market structure, its impact is more likely incremental than market-wide. Net effect: short-term price action remains driven by momentum/technical levels (slightly risk-on only if $78.5K is reclaimed), while medium-to-long-term sentiment for miners/self-custody may improve. Hence the overall expected impact on market stability is neutral.