Bitcoin Trades Higher Despite CLARITY Act Delay
Despite the delay of the CLARITY Act in the US Senate, Bitcoin (BTC) is trading up roughly $900 on the day for a gain of about 1.4% at around $65,167 on Coinbase.
The market's reaction to the bill's delay is not surprising, as traders had already discounted its chances of passing before the confirmation landed. The bill was never a near-term price catalyst for Bitcoin specifically, but rather affects altcoin classification, exchange listings, and US custody rules more significantly.
According to the technical analysis, BTC is still trading below its May peak near $82,000 and has not reclaimed range resistance at $67,074. The 200 EMA sits at $72,417 and is sloping downward, indicating that Bitcoin's higher timeframe trend is still down.
The market appears resilient as it absorbed the regulatory disappointment without breaking down, while sitting above its June and July lows. However, this does not mean a bull market is underway; rather, it indicates continued chop between $61,858 and $67,074 into September when the Senate returns and the CLARITY Act gets its next window.