Bitcoin traders expect ‘fast move’ to $90K following CLARITY Act vote

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BTC/USDT, one-day chart. Source: Cointelegraph/TradingView MN Capital founder Michaël van de Poppe remained bullish and said, “If this continues to grind upwards, with the upcoming CLARITY Act tomorrow, I would assume we might see a fast move to $90K in a matter of days for Bitcoin.” Onchain data also points to improving market conditions. Bitcoin researcher Axel Adler Jr. said short-term holder loss pressure has remained at zero percent for five straight days. This metric measures whether recent Bitcoin buyers are holding BTC below their purchase price. Adler Jr. also noted that the share of Bitcoin supply held by short-term traders dropped to 22.2%, its lowest level in 90 days. This suggests that less recently bought BTC is being sold, which could boost the chances of a breakout. Bitcoin STH loss pressure (%). Source: Axel Adler Jr. However, crypto trader Zord warns that Bitcoin could face resistance between $83,400 and $84,600 after reclaiming the 50% Fibonacci retracement level near $78,983. According to the chart, the $83,400–$84,600 range is the next Fibonacci resistance zone of 0.618-0.65, where traders may begin taking profits and slow Bitcoin’s rebound. BTC/USD one-day chart analysis by Zord. Source: X The CLARITY Act is a proposed US bill that would set clearer rules for how regulators oversee the crypto market and stablecoins. As Cointelegraph reported, members of the US Senate Banking Committee submitted more than 100 amendments to the bill ahead of Thursday’s discussion. Most of the proposed changes focus on stablecoins, crypto developers, and ethics-related concerns. A version of the bill leaked on Monday suggests that crypto exchanges and other platforms may no longer be allowed to offer stablecoin rewards that work like interest from a traditional savings account. Crypto research firm XWIN Japan said the proposal appears aimed at separating stablecoins used for payments from products that behave more like bank deposits. Stablecoin ERC20 active addresses. Source: CryptoQuant Meanwhile, stablecoin activity and adoption have continued to rise across crypto networks. For example, ERC-20 stablecoin active addresses have been seeing parabolic growth in recent years. XWIN Japan added that stablecoins remain the main source of money moving through crypto markets, and wider adoption of stablecoins and blockchain-based financial products could support more long-term investment in Bitcoin. More on the subject

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