Crypto Market Volatility Persists Ahead of CLARITY Act Vote
The cryptocurrency market remains volatile ahead of the scheduled CLARITY Act cloture vote on Tuesday. Bitcoin (BTC) is holding steady around $78,000 after a roughly 2% recovery from the previous day.
Despite over 4% losses last week, BTC still maintains above the key support levels, including the 50-, 100-, and 200-day Exponential Moving Averages (EMAs). The Relative Strength Index (RSI) suggests moderate positive momentum, but the Moving Average Convergence Divergence (MACD) is below its signal line, hinting that upside pressure may be waning.
Zcash (ZEC) and Stellar (XLM) are bucking the trend, with ZEC trading above $1,150 and XLM up 2% on Tuesday. ZEC's price remains well above key EMAs and has a long-term uptrend, but momentum indicators suggest easing upside pressure.
XLM is holding above the 200-day EMA at $0.1879 and has a constructive near-term bias, with the RSI around 61 on the daily chart pointing to firm but not overextended momentum. The MACD histogram has turned modestly positive for XLM, hinting that bullish pressure is rebuilding.