What Is the CLARITY Act Designed to Do?

Commonly referred to as the CLARITY Act, the proposed bill seeks to establish a comprehensive regulatory framework for digital assets in the United States. The legislation has already advanced in the House of Representatives, while discussions and negotiations continue in the Senate.

Two primary sticking points remain unresolved. The first concerns whether stablecoin issuers should be allowed to offer yield or rewards to holders. Crypto-native firms argue that yield-bearing stablecoins are essential for competitiveness and innovation. Traditional banks, however, contend that allowing interest-like returns on stablecoin balances could draw deposits away from the banking system and introduce financial stability risks.

The second area of contention involves conflict-of-interest provisions. Some lawmakers are pushing for restrictions that would limit the ability of senior government officials — including the President — and their families to participate in certain crypto-related financial activities. Reports suggest that discussions between industry representatives, banking groups, and policymakers are ongoing, with the possibility of compromise still on the table.

Eight Potential Tailwinds if Passed

JPMorgan analysts outline eight potential benefits should the bill become law.

First, it would clearly distinguish between “digital commodities” regulated by the CFTC and “digital securities” overseen by the SEC, reducing compliance uncertainty. A grandfather provision could allow certain ETF-linked assets such as XRP, Solana, Litecoin, Hedera, Dogecoin, and Chainlink to fall under the more flexible CFTC framework.

Second, early-stage projects would be granted a transition period allowing up to $75 million in annual fundraising without full SEC registration while progressing toward decentralization. Third, tokens initially sold as securities could later transition to commodity status once sufficiently decentralized.

Fourth and fifth, clearer rules for intermediaries and custody could enable institutions like BNY Mellon and State Street to directly safeguard digital assets, while also supporting tokenization of traditional securities. Sixth, miners, validators, and software developers would receive exemptions from broker-style reporting during development under certain conditions.

Seventh, small crypto payments could qualify for tax exemptions, and staking taxation would gain clarity. Eighth, by defining stablecoins more as digital cash than investment products, the bill could shift institutional interest toward tokenized deposits.

If enacted by mid-year as anticipated, the CLARITY Act could significantly reshape the regulatory landscape and improve market structure clarity heading into the second half of the year.

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A Steeper Drop Compared to 2022

According to on-chain analytics from CryptoQuant, Bitcoin slipped below its 365-day moving average in November and has since declined by roughly 23% in just 83 days. By contrast, during the early phase of the 2022 bear market, Bitcoin lost only about 6% over a comparable period. This divergence highlights how quickly selling pressure has accelerated in the current cycle.

CryptoQuant characterizes this performance as weaker than the opening phase of the previous bear market, suggesting that downside momentum is building at a faster pace than investors have seen in recent history.

Structural Weakness Becoming More Visible

Bitcoin reached an all-time high of $126,000 in early October, at a time when the Bull Score Index stood at a robust 80. However, following a major liquidation event on October 10, market conditions shifted abruptly. The Bull Score Index flipped into bearish territory and has since fallen to zero, while Bitcoin’s price dropped toward the $71,000 level.

Analysts interpret this combination as a sign of broad structural weakness. Several key support levels have been lost, increasing the likelihood that Bitcoin could drift into the $70,000–$60,000 range. Additionally, BTC has been rejected three times at the “Traders’ On-chain Realized Price,” an important support and resistance metric. More recently, price action slipped below the lower band of this indicator, which had previously acted as a floor during the bull phase.

Extreme Bearish Sentiment Across the Market

Market sentiment has deteriorated sharply. Data from Santiment shows that investor outlook toward both Bitcoin and Ethereum has turned deeply negative following the latest selloff. At the same time, Santiment notes that extreme retail pessimism can sometimes set the stage for short-term relief rallies, as markets often move against prevailing sentiment.

Glassnode paints a similarly cautious picture, describing a bear market marked by rising realized losses, weak spot demand, and the unwinding of leverage. The Crypto Fear and Greed Index has fallen to around 12, reflecting widespread panic and risk aversion.

Broader Market Impact

Total crypto market capitalization has declined by 4.4% to approximately $2.53 trillion, the lowest level since April 2025. Bitcoin briefly fell below $71,000 during Asian trading hours, with analysts now watching the $65,000 region as the next major support. Ethereum has dropped under $2,100 and failed to stage a meaningful recovery, while most altcoins are trading roughly 80% below their peak levels.

Overall, the data suggests that this Bitcoin downturn stands out for its speed, severity, and structural fragility, with volatility likely to remain elevated in the near term.

This content is for informational purposes only and does not constitute investment advice.

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The Invisible Ceiling Below $90,000

At the start of last month, traditional markets were showing strength. Precious metals pushed to new highs, and equities maintained bullish momentum. Bitcoin, however, moved sideways and showed little follow-through on upside attempts. Each rally stalled just below $90,000, a behavior that, in retrospect, signaled vulnerability.

According to market observers, this persistent failure was not coincidental. Repeated rejection at the same price zone suggested the presence of structural resistance rather than a lack of demand driven by sentiment or fundamentals. The eventual breakdown toward the $75,000 area confirmed that this level had acted as a hidden ceiling for weeks.

Liquidity Pressure Inside the Order Book

Detailed order-book analysis revealed a consistent pattern: heavy sell orders were repeatedly placed just above the spot price. These visible sell walls discouraged aggressive buying and capped upward momentum even when broader market conditions appeared favorable.

This phenomenon is often described as “liquidity steering.” Large participants can influence short-term price behavior by positioning sizeable orders at strategic levels. When traders see thick sell liquidity overhead, upside risk increases, prompting hesitation. As buyers step back, price drifts sideways or lower, allowing dominant players to accumulate positions more quietly at improved levels.

Crucially, this approach does not depend on news catalysts or macro data. Instead, it exploits trader psychology and the transparency of order books, a tactic that tends to surface around key periods such as options expiries or monthly closes.

Bitcoin 87,500 Dollars: A Fragile Support Zone

At the same time, order-book data showed a dense cluster of buy orders forming between roughly $85,000 and $87,500. This zone absorbed selling pressure multiple times and acted as a short-term floor during Bitcoin’s consolidation phase.

As long as this support held, the market retained the potential for another upside attempt. However, once price slipped below the lower end of this bid cluster, liquidity thinned dramatically. Selling accelerated, and Bitcoin quickly dropped into the $74,000–$76,000 range, highlighting how quickly conditions can deteriorate when structural support fails.

A Shift in Market Regime

Some analysts had warned that a monthly close below approximately $87,500 would mark a clear technical breakdown. Such a move signals a transition into a weaker market phase, where declining confidence reinforces downside momentum.

In summary, Bitcoin’s failure to rally alongside gold and silver was less about external narratives and more about internal market mechanics. The same order-book dynamics that kept price pinned below resistance ultimately left Bitcoin exposed once support gave way.

This content does not constitute investment advice.

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“This Could Be the Deepest Pullback of the Cycle”

Bitcoin analyst PlanC argues that the recent decline may represent a significant cyclical low. According to his assessment, the current price structure closely resembles major capitulation phases observed in previous market cycles.

PlanC points to historical moments such as the 2018 bear market, when Bitcoin fell to around $3,000, the March 2020 pandemic-driven crash near $5,100, and the FTX collapse that pushed prices down to roughly $15,500. In his view, the market may once again be undergoing a similar “capitulation” process. Based on these comparisons, PlanC believes the ultimate bottom could form within the $75,000–$80,000 range.

At the time of writing, Bitcoin is trading near $78,690. This places the asset approximately 38% below its all-time high of $126,100, recorded on October 5.

Weekend Volatility: A Word of Caution

Bitcoin advocate and financial accountant Rajat Soni has drawn attention to the timing of the move. He emphasizes that weekends are among the most volatile periods for crypto markets, often producing exaggerated price swings.

Soni warns that sharp weekend rallies or sell-offs can be misleading and advises traders not to overreact. Historically, Bitcoin has tended to recover at moments when market sentiment is at its weakest, making emotionally driven decisions particularly risky during periods of heightened fear.

Is a Deeper Decline Still Possible?

Despite the argument for a local bottom, several market observers remain skeptical. Veteran trader Peter Brandt has suggested that Bitcoin could still fall as low as $60,000 by the third quarter of 2026. His outlook is based on longer-term chart structures rather than short-term sentiment.

Crypto analyst Benjamin Cowen shares a similarly cautious stance, projecting that the true market cycle low may emerge in early October. However, he also notes that multiple relief rallies are likely to occur before that point.

Adding to the cautious outlook, Fidelity’s Director of Global Macro Research, Jurrien Timmer, has described 2026 as a potential “pause year” for Bitcoin. In this scenario, prices could drift toward the $65,000 level as the market consolidates.

A Market at a Crossroads

While the $77,000 region is seen by some as a strong support zone, the broader outlook remains uncertain. With conflicting analyst views and elevated volatility, Bitcoin appears to be at a critical juncture. The coming months are likely to test investor patience as the market searches for a clearer direction.

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Bitcoin Key Levels for the Day

The BTC/USDT pair has dropped by 7.18% in the past 24 hours and is currently trading at $94,511. Bitcoin (BTC) is hovering around the $94,700 zone we highlighted in previous analyses. If it manages to rise, the next resistance level is $97,362. The support levels are $93,138 and $92,236.

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Ethereum (ETH): The ETH/USDT pair has lost 11.59% in the last 24 hours and is now trading at $3,244. For ETH, the resistance levels are $3,440 and then $3,535, while the support levels are $3,290 and $3,217.

Binance Coin (BNB): The BNB/USDT pair dropped by 8.24% in the past 24 hours and is trading at $640. For BNB, the resistance levels are $1,238 and $1,273. On the downside, the support levels are $1,064 and $0.993 if the decline deepens.

Hyperliquid (HYPE): The HYPE/USDT pair has decreased by 8.16% in the past 24 hours and is now trading at $23.61. Resistance levels for HYPE are $26.36 and then $29.07, while support levels are $22.89 and $21.41 in case of further decline.

Bitcoin Cash (BCH): The BCH/USDT pair has plummeted by 16.72% in the last 24 hours and is currently trading at $404.63. For BCH, the resistance levels are $451.7 and $487, while the support levels are $402.5 and $386.7.

Trending Coins

Among the most trending coins in the crypto market over the past 24 hours are Akuma Inu (AKUMA), LUKSO (LYX), and Pudgy Penguins (PENGU). The top gainers include Moca Coin (MOCA), Horizen (ZEN), and Zerebro (ZEREBRO). On the other hand, the biggest losers are Convex Finance (CVX), Gigachad (GIGA), and Morpho (MORPHO).

Bitcoin Liquidation Map

Examining Bitcoin’s 12-hour liquidation map, the most notable liquidation on the upside is $50 million at the $96,404 level. On the downside, a liquidation of $21.7 million is observed at $93,722.

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Key Intraday Levels for Bitcoin

The BTC/USDT pair gained 0.38% in the last 24 hours and is currently trading at $68,577. If the decline deepens, Bitcoin (BTC) could fall to a lower support level of $68,200 or further down to a support zone of $66,200. Our resistance levels are $69,400 and $71,000, respectively.

Ethereum (ETH): The ETH/USDT pair has gained 0.75% in the last 24 hours and is currently trading at $2,462. The resistance levels for ETH are $2,500 and then $2,630. The support levels are at $2,440 and $2,380.

Mina (MINA): The MINA/USDT pair has lost 3.02% in the last 24 hours and is currently trading at $0.46. The resistance levels for MINA are $0.50 and then $0.56. The support levels are at $0.46, with a further decline potentially bringing it down to the $0.43 support area.

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NEAR Protocol (NEAR): The NEAR/USDT pair has lost 3.10% in the last 24 hours and is currently trading at $3.63. The resistance levels for NEAR are $4.22 and then $4.62. The support levels are at $3.53, with a deeper decline possibly reaching the $3.07 support area.

Jupiter (JUP): The JUP/USDT pair has lost 4.06% in the last 24 hours and is currently trading at $0.87. The resistance levels for JUP are $0.96 and then $1.07. The support levels are at $0.81, with a further decline potentially bringing it down to the $0.73 support area.

Trending Coins

In the last 24 hours, the trending coins in the crypto market include Ethervista (VISTA), Grass (GRASS), and MAGA (TRUMP). The top gainers are led by michi ($michi), Grass (GRASS), and Fwog (FWOG). On the list of the biggest losers in the market, you will find Popcat (POPCAT), ApeCoin (APE), and THORChain (RUNE).

Bitcoin Liquidation Map

Looking at Bitcoin’s 12-hour liquidation map, a notable liquidation level is found at $69,942, amounting to $19 million. On the lower side, the significant liquidation level is at $68,105, totaling $42 million.

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Important Levels for Bitcoin Intraday

The BTC/USDT pair has lost 0.21% in the last 24 hours and is currently trading at $72,354. Bitcoin continues its sideways movement, with potential spikes both upward and downward. A close above $73,800 is needed for an upward trend, but caution is advised as spikes can occur, followed by significant pullbacks. The support range is between $71,800 and $70,200. It’s essential to wait for a confirmed close before taking positions.

Ethereum (ETH): The ETH/USDT pair has lost 1.46% in the last 24 hours and is currently trading at $2,641. Resistance levels are at $2,684 and then $2,750, while support levels are at $2,635 and $2,525.

BNB (BNB): The BNB/USDT pair has dropped 3.14% in the last 24 hours, trading at $583. Resistance levels are at $596 and $612, with support at $575 and potentially $525 if the decline deepens.

Avalanche (AVAX): The AVAX/USDT pair has decreased by 2.05% to $25.85. Resistance is at $27 and $29, while support is at $25.80 and $23.80 if the decline continues.

Dymension (DYM): The DYM/USDT pair has fallen 3.31% to $1.51. Resistance is at $1.60 and $1.80, with support at $1.47 and $1.27 if the decline deepens.

Trending Coins: In the last 24 hours, trending coins include Grass (GRASS), RabBitcoin (RBTC), and Phil (PHIL). The top gainers are Grass (GRASS), PONKE (PONKE), and Fwog (FWOG). The most significant losers are DOG*TO*THE*MOON (RUNE) (DOG), Metaplex (MPLX), and Gigachad (GIGA).

Bitcoin Liquidation Map

Looking at the 12-hour liquidation map for Bitcoin, the notable liquidation level on the upper side is $73,168, with a liquidation amount of $28 million. On the lower side, the key level is $71,741, which has a liquidation amount of $27 million.

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Bitcoin Intraday Key Levels

The BTC/USDT pair has lost 0.37% in value over the last 24 hours and is currently trading at $72,445. If the decline deepens, Bitcoin (BTC) may drop to a lower support level around the $70,200 region. On the other hand, if we see a significant breakout above the $72,600 resistance, we can expect the price to rapidly reach a new all-time high.

Ethereum (ETH): The ETH/USDT pair has gained 2.26% in value over the last 24 hours and is currently trading at $2,673. The resistance levels for ETH are first at $2,690, and then at $2,745. The support levels are at $2,640 and $2,540.

Ethereum Name Service (ENS): The ENS/USDT pair has gained 9.57% in value over the last 24 hours and is currently trading at $18.49. The resistance levels for ENS are $19 and then $20. The support levels are at $17.60, with a deeper decline potentially reaching the $16 support level.

dYdX (DYDX): The DYDX/USDT pair has gained 0.54% in value over the last 24 hours and is currently trading at $1.05. The resistance levels for DYDX are $1.06 and then the $1.21 region. The support levels are at $1.03, with a deeper decline potentially reaching the $0.91 support level.

MultiversX (EGLD): The EGLD/USDT pair has lost 0.14% in value over the last 24 hours and is currently trading at $25.05. The resistance levels for EGLD are $26 and then the $28 region. The support levels are at $24.50, with a deeper decline potentially reaching the $23 support level.

Trending Coins

In the last 24 hours, the trending coins in the cryptocurrency market include Grass (GRASS), Phil (PHIL), and Sui (SUI). Among the top gainers are Mask Network (MASK), Chex Token (CHEX), and Michi ($MICHI). On the list of the biggest losers in the market, we find Nosana (NOS), Virtuals Protocol (VIRTUAL), and Non-Playable Coin (NPC).

Bitcoin Liquidation Map

Looking at Bitcoin’s 12-hour liquidation map, the prominent liquidation level at the top is $73,232, with a total of $52 million. On the lower side, the $71,806 level is also notable, with $52 million in liquidations.

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