Bitcoin traders eye $90,000 following CLARITY Act vote
Bitcoin (BTC) traders expect a rapid price surge to the $90,000 level following Thursday's vote on the CLARITY Act. Improving market conditions and reduced short-term selling pressure are paving the way for an increase in cryptocurrency value, reports Cointelegraph.com .
Over the past week, Bitcoin has been trading around $80,000, with the 200-day exponential moving average (EMA) remaining a key resistance level. More than $3 billion in leveraged long positions have accumulated between $79,000 and $78,000, suggesting that BTC may retest this range before attempting to break above the 200-day EMA.
MN Capital founder Michaël van de Poppe remains optimistic about the market, noting that on-chain data also shows positive shifts. Researcher Axel Adler Jr. noted that selling pressure from short-term holders has remained at zero percent for five consecutive days. This indicates that recent buyers are holding their assets at levels below their purchase price.
Meanwhile, a trader under the pseudonym Zord warned that after Bitcoin reclaimed the Fibonacci level around $78,983, it could face resistance between $83,400 and $84,600. This range is considered the 0.618-0.65 Fibonacci resistance zone, where traders may begin taking profits and slow the recovery momentum.
The CLARITY Act is a proposed U.S. bill that aims to clarify the regulatory framework for the crypto market and stablecoins.
