Bitcoin price remained under intense pressure in the past few days as concerns about the future of the CLARITY Act remained. BTC was trading at $95,420, down from this week’s high of $98,000. So, will BTC jump to $100,000 or retreat to $90,000 first?
Why Bitcoin Price Rally Has Stalled
Bitcoin price has rebounded in the past few weeks, moving from the November low of $80,480 to the current $95,400.
The rally to $100,000 stalled this week after the Senate Banking Committee paused the progress of the CLARITY Act, a major piece of legislation that changes how the industry is regulated by dividing the roles between the SEC and the CFTC.
The pause of this bill happened after Coinbase expressed concerns about its impact on stablecoin yield, which companies in the crypto industry can opt to offer to customers. Banks are opposed to these rewards, with some officials warning that they may siphon trillions of dollars from the banking sector.
Still, on the positive side, most analysts believe that the bill will eventually be passed later this year. Besides, senators and other parties have worked so hard on this legislation since last year. Also, most companies in the crypto industry are supportive of the policies in the bill.
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Looking ahead, the next key catalysts for Bitcoin price are the Federal Reserve interest rate decision and the Supreme Court decision on Donald Trump’s tariffs.
Most analysts expect the Fed will leave interest rates unchanged in the upcoming meeting. Its only importance will be on providing hints on the next interest rate cuts later this year.
The Supreme Court will likely deliver its decision on Trump’s tariffs on January 20th. A decision to cancel these levies will be bullish for the crypto industry as it will lead to a higher chance of lower inflation. However, Trump will still apply his tariffs using other parts of existing law.
BTC Price Technical Analysis
The 12-hour timeframe chart shows that the BTC price has been crawling back in the past few weeks, reaching a high of $98,000 this week.
The coin has formed an ascending triangle pattern, a common bullish continuation sign in technical analysis. It moved above its upper side and then retested it, confirming a break-and-retest pattern.
The coin is attempting to move above the 200-period moving average. Therefore, the most likely scenario is where the coin continues rising and hits the resistance level at $100,00= first before returning to $90,000.
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