TLDR
- Bitcoin trades near $65,098, up 0.88% over the past 24 hours as regulatory uncertainty weighs on sentiment.
- The U.S. Senate delayed the Clarity Act vote until at least September after leaving for its summer recess.
- Bitcoin whales holding 10,000 to 10 BTC accumulated more than 20,000 BTC since July 29.
- U.S. spot Bitcoin ETFs recorded four straight days of inflows totaling $754 million.
- BTC needs to reclaim $65,000 to target $67,000, while weekly support remains near $55,000-$60,000.
Bitcoin is trading near $65,098, up 0.88% over 24 hours, as investors weighed delayed US crypto legislation against strong institutional demand.
The US Senate left for its summer recess without voting on the CLARITY Act, moving the expected legislative timeline to September. The delay removed a near-term regulatory event that traders had been watching as a potential market catalyst.
Bitcoin Holds Near $65K as CLARITY Act Vote Is Delayed
The Senate’s decision to leave Washington without a CLARITY Act vote has extended uncertainty around the proposed crypto market structure legislation. The bill is now expected to remain pending until lawmakers return from recess.
The delay comes as Bitcoin continues to trade near the $65,000 level. BTC briefly moved above that area in recent trading, while market participants continue to monitor whether the price can establish support above the threshold.
Despite the legislative delay, institutional demand has remained active. Blockchain data cited in the supplied material shows wallets holding between 10 and 10,000 BTC accumulated more than 20,000 BTC since July 29.
Bitcoin ETFs Record $754M in Four Days
US spot Bitcoin ETFs have also recorded four consecutive days of inflows totaling $754 million. The inflows represent continued demand from institutional investors despite the lack of progress on the CLARITY Act.
The combination of whale accumulation and ETF demand has kept Bitcoin near its current trading range. The market is also monitoring developments surrounding the US-Iran conflict and reports of possible changes to shipping arrangements through the Strait of Hormuz.
Source: X
Bloomberg has reported on the wider geopolitical developments, while the supplied material states that Iran and Oman are working on a possible commercial shipping framework. The proposed arrangement would allow ships to enter the Persian Gulf through an Iranian route and leave through Omani waters.
Strait of Hormuz Talks Add to Bitcoin Market Focus
The proposed shipping framework faces opposition from the Trump administration over the possibility of Iran charging transit fees. Iranian lawmakers are also reportedly preparing legislation that would restrict access to US, Israeli and other vessels described as hostile.
US Central Command has reportedly intercepted or redirected 45 commercial vessels since a maritime blockade was imposed in mid-July. The shipping situation remains tied to wider diplomatic efforts involving Iran, the United States and regional mediators.
President Donald Trump has said the conflict is approaching an end and that Iran “can’t go much longer.” Iranian officials have denied direct negotiations with Washington and said discussions are being handled through Oman and other regional intermediaries.
Bitcoin Technical Setup Points to $66K Resistance
Bitcoin’s weekly chart shows price testing a long-term rising trendline that has connected major lows since late 2022. The trendline currently meets a support area between $55,000 and $60,000.
Weekly RSI stands near 40.66, with its moving average around 40.17. The indicator remains below the middle of its recent range but has not reached deeply oversold conditions.
Source: X
A sustained move above $65,000 would put the $67,000 area into focus as the next resistance level in the supplied technical analysis. A break above that level could change the short-term trading structure.
Bitcoin remains above the long-term support area despite the recent consolidation. A weekly break below the rising trendline and $55,000-$60,000 zone would expose the next support region near $25,000-$27,000 based on the supplied chart analysis.
