Bitcoin is trading around $65,167 on Coinbase, up roughly $900 on the day for a gain of about 1.4%. That comes less than 24 hours after the US Senate confirmed it would not vote on the CLARITY Act before the August recess.
Bad news for regulation. Green candles anyway. Here is what the chart actually says.
What Is Bitcoin Price Doing On The Chart Right Now?
The daily chart shows a market that has stopped falling, not a market that has broken out.
- $Bitcoin sits at roughly $65,167, having opened at $64,267 and printed a daily high near $65,231.
- Price is trading inside a well-defined range with resistance at $67,074 and support at $61,858.
- Below that sits a deeper floor at $57,885, which marked the summer low.
- From here, resistance is only about 2.9% away. Support is roughly 5.1% below. The risk-reward from the middle of a range is rarely attractive.
- The 200 EMA sits at $72,417 and is still sloping downward. Bitcoin is trading roughly 10% beneath it.
That last point is the one that matters most. As long as price is below a falling 200 EMA, the higher timeframe trend is still down. What we are watching is a recovery inside that downtrend, not a reversal of it.
Momentum supports the short-term bounce without confirming anything bigger. The RSI reads about 55.8 against its own moving average near 49.8. Momentum has crossed higher, which is constructive, but 55.8 is a mid-range figure. There is no exhaustion here, and no conviction either.
Why Did The Market Ignore The CLARITY Act Delay?
Three reasons, and none of them are especially bullish on their own.
- The delay was already priced in. Traders had been discounting the odds of a pre-recess vote for over a week. Prediction market odds on the bill passing this year had already fallen from around 30% to roughly 15% before the confirmation landed. By the time Thune spoke, the disappointment was old news.
- Bitcoin is trading on macro, not on Washington. June CPI came in at 3.5% year over year with core inflation easing, and the market is positioning around the latest US jobs data and what it implies for Fed policy. Rate expectations are moving this tape far more than committee negotiations are.
- The delay is not a rejection. The bill cleared Senate Banking in May and merged text landed in July. Nothing was voted down. The calendar moved, not the substance.
There is a fourth reason worth naming: the CLARITY Act was never a near-term price catalyst for Bitcoin specifically. It matters far more for altcoin classification, exchange listings and US custody rules than it does for the asset with the clearest regulatory status in the market.
