Bitcoin Breaks $65k Resistance Despite CLARITY Act Setback
Bitcoin has continued its upward trend, breaking above the crucial resistance level of $65,000. Despite a setback for the proposed CLARITY Act, American investors remain bullish on Bitcoin, with spot ETFs attracting over $98 million in inflows last Friday.
The strong buying marks a sharp reversal from the previous week's outflows and last month's inflows. The industry spent $225 million lobbying for the CLARITY Act, which would have forced Trump to divest from his crypto businesses, but it suffered a major setback as US senators will go into recess before voting on the bill.
The Average Directional Index (ADX) has plunged to 11, indicating that the rebound may be losing momentum. If this trend continues, Bitcoin could remain under pressure in the near term, with $60,000 becoming the next key level to watch.