Everyone's talking about the news from Washington D.C. right now. The US Senate Banking Committee just scheduled a meeting this Thursday to discuss a new bill called the Clarity Act. If you’ve seen the posts flying around, a lot of people are hyped, saying this could be the start of a real bull season because it'll finally give big institutions the green light to jump in.
But as traders, we can't just follow the hype blindly without looking at the actual data.
How's the Market Looking Right Now?
Checking the Market Sentiment Dashboard, I want to get the big picture. Right now, volume on Binance is still leading at around $8.98 billion, followed by other exchanges like WhiteBIT. The thing to watch out for is the liquidation data. In the last 24 hours, over $21 million has been wiped out, mostly from retail traders forcing Long or Short positions without a solid plan.
Looking at the market health, Bitcoin is actually sitting in a neutral spot with an RSI around 60. The Altcoin Season Index is still at 44, which means the money is still mostly sitting in Bitcoin rather than moving into smaller coins. This makes sense because everyone is basically in wait and see mode until that meeting on Thursday night.
Bitcoin Chart Check
Now, let's look at the technicals on TradingView. Structure wise, Bitcoin’s daily chart (BTC/USD) is hanging out around the $80,330 level. Using the SMC (Smart Money Concepts) approach, I see a Fair Value Gap (FVG) that’s still open below. It’s very possible the market might dip first to grab liquidity in that area before finally pushing higher.
My target to the upside, if the news is good, is around $88,345. But remember, big news usually brings wild moves or fakeouts. It’s better to wait and see how the price reacts at the Order Block or FVG before you hit that execute button.
The Bottom Line
This Senate meeting is a big deal because it’s going to decide the future of stablecoins and crypto regulation in the US. If the outcome is investor friendly, this could definitely be the fuel Bitcoin needs for a new all time high. But as always, keep your risk management tight and don’t FOMO just because of one headline.
What's your setup for tomorrow? You feeling bullish or waiting for a dip?
News Sources:
Investing.com
Sherecafe.com