FX.co ★ BookbyWitches | #Bitcoin chart analysis

In order to avoid starting from scratch, the measure will contain parts that Democrats have already agreed with Republicans in the Senate and will be based on modifications that Maxine Waters proposed in 2025, which Congress did not embrace. The endeavour is targeted at the upcoming Congress, which meets on January 3, 2027, but it is still in the discussion stage and no final wording has been made public. The proposed measures would transfer oversight authority from the CFTC to the SEC. This contrasts sharply with CLARITY, a milder framework centred on the CFTC that was passed by the House on July 17, 2025, by a vote of 294–134. The Democrats' draft would undermine CLARITY's architects and industry players who had anticipated a lighter hand while strengthening the SEC's involvement, which would be a clear gain for both Democrats and the agency. One contentious component under consideration would limit Donald Trump and other federal officials' use of cryptocurrency. The timing is intentional. On November 3, Democrats will take both the Senate and the House, and instead of acting from opposition, they will set the agenda. Waters, a former critic of CLARITY for being too industry-friendly, may take the helm of the House Financial Services Committee once more. Galaxy Digital reduced its estimate of CLARITY's likelihood of passing in 2026 from 60% to 10%, and the current composition of Congress only serves to confirm this pessimism. The action has already been rejected by Republicans as a partisan bill intended to further a Democratic legislative agenda rather than provide a long-lasting regulatory structure. Calculus is important because Trump has indicated that he is willing to exercise his veto power over any bill that reaches the president without bipartisan supermajorities. Democrats lack the two-thirds majority in both chambers needed to override a veto. As a result, the Trump-targeting clause appears to be more of a negotiating tool than a clause that will pass without compromise. In the near future, I do not anticipate a uniform market-structure law. Rather, I expect lengthy talks between a Democratic draft that emphasises the SEC and a Republican version that emphasises the CFTC. In the context of cautious sentiment, that translates into yet another delayed catalyst for markets. As a result, I anticipate that Bitcoin will be range-bound between $76,000 and $82,000, with ETF withdrawals and the repercussions from the Binance breach dominating news flow rather than regulatory clarification.

Bitcoin is still falling, and the present pattern can already be seen as a continuation of the slide that started last year. Although "digital gold" had seen significant increases just after the US Congressional elections, the market saw yet another steep collapse this week. The movement is now seen as remedial. Nevertheless, despite frequent increases, Bitcoin is still declining. It should be mentioned that it is impossible to completely rule out the chance that the decline has halted. However, the causes of the current bullish trend are still unclear and up for discussion. In essence, Bitcoin moved from the sideways channel's lower border to its higher limit on the daily timescale during its most recent three-month rise. This movement coincided with the establishment of a deviation above the channel's upper border and below its lower barrier. If there was a significant divergence over the top border, Bitcoin is now moving toward the $70,800 mark. Moving approaching its 50% level is a reasonable and technically sound development as "digital gold" has returned to the sideways channel. As previously noted, Bitcoin and the larger cryptocurrency market saw strong increases just after the Democrats won the US Congressional elections. This runs counter to the underlying context once again, as the Democrats will probably try to thwart Trump's most recent attempts to enact the Clarity Act. Additionally, the Democrats are in favour of cutting down on government expenditures and may start a direct political conflict with Donald Trump in Congress. The US economy may thus expand more slowly in the years to come. Investors often choose safe-haven investments in such circumstances. The US stock market has been down for a number of days in a row, which doesn't help cryptocurrency traders feel any better. We believe that this week saw a further decline in the underlying foundation of Bitcoin. Bitcoin's appreciation is obviously not supported by a broad number of variables that have previously been documented. That list became much longer this week. Furthermore, capital withdrawals from ETF products have been more frequent than inflows during 2026, and spot demand is still poor.