Bitcoin Defies Expectations, Rises Despite CLARITY Act Delay

The US Senate's delay of the CLARITY Act has been widely seen as bearish for Bitcoin, but the price of BTC has defied expectations and risen anyway.

According to data from Coinbase, the price of BTC is currently trading at around $65,167, up approximately $900 or 1.4% on the day.

The delay of the CLARITY Act was seen as a negative development for regulation in the crypto space, but it seems that traders had already priced in this possibility and were not surprised by the news.

Bitcoin's price action is currently being driven by macroeconomic factors, including the latest US jobs data and its implications for Fed policy, rather than Washington politics.

The chart analysis suggests that Bitcoin is still trading within a well-defined range with resistance at $67,074 and support at $61,858, and that the price has not yet broken out of this range.