Will Bitcoin Price Hit $70K or Fall to $50K Before Clarity Act Decision?

Bitcoin price traded near $64,000 today after losing roughly 2% during the past 24 hours.

The crypto market is down -1.37% to $2.19T in 24h, primarily driven by institutional selling pressure on Bitcoin.

The fall put Bitcoin in critical support at $60,000 and resistance near $70,000. The current market value hovered around $1.28 trillion.

Institutional flows, regulatory moves, and geopolitical risks are the next big determinants of the next big price direction that investors are following.

CLARITY Act Decision Expected September 15

The United States Senate could consider a procedural motion involving the CLARITY Act on September 15.

The cloture motion was filed by Senate majority leader John Thune, who postponed further action until September after lawmakers voted no more until then.

The bill needs approximately 60 votes to pass. Instead of passing the legislation at once, it would initiate discussion.

The bill aims to bring about more transparent regulation of cryptocurrencies and stipulates roles between federal regulators.

Nevertheless, the legislators are still torn between ethical provisions, decentralized finance protections and banking issues.

The advancement of September 15 might increase the trust of investors and cryptocurrency business leaders. A subsequent delay might widen uncertainty in the market.