Still in Bear Territory Despite Regulatory Win
Bitcoin is still above 80k, but it feels like we’re running out of fuel. In fact, we’re sitting right at a very important threshold, maybe you could call it the bear-bull border. Around 79–80k there’s a horizontal resistance line I already mentioned in earlier posts. On top of that, at roughly 82k, Bitcoin is running straight into the descending SMA200. So we basically have two major resistance levels stacking on top of each other.
What’s interesting is that despite yesterday’s important development, the Banking Committee passing the Clarity Act with a 15–9 vote, Bitcoin still wasn’t able to build momentum and break through the 82k barrier. Even with the probability of the Clarity Act becoming law before the midterms now sitting around 75%, we are technically still in bear territory.
To me, that shows the market remains skeptical, and the debate around the four-year cycle is still playing out behind the scenes. Personally, I’m quite confident this year will prove that the old cycle model is no longer fully valid, with Bitcoin eventually climbing back toward 100k and beyond. But before that happens, summer could once again bring the kind of choppy price action we’ve seen so many times before, especially until we can decisively break the resistance mentioned above.
What do you think?
