Bitcoin Price Analysis: Why BTC Rose Despite The Crypto Bill Delay

Bitcoin is trading around $65,167 on Coinbase, up roughly $900 on the day for a gain of about 1.4%. That comes less than 24 hours after the US Senate confirmed it would not vote on the CLARITY Act before the August recess.

Bad news for regulation. Green candles anyway. Here is what the chart actually says.

What Is Bitcoin Price Doing On The Chart Right Now?

The daily chart shows a market that has stopped falling, not a market that has broken out.

• $Bitcoin sits at roughly $65,167, having opened at $64,267 and printed a daily high near $65,231.
• Price is trading inside a well-defined range with resistance at $67,074 and support at $61,858.
• Below that sits a deeper floor at $57,885, which marked the summer low.
• From here, resistance is only about 2.9% away. Support is roughly 5.1% below. The risk-reward from the middle of a range is rarely attractive.
• The 200 EMA sits at $72,417 and is still sloping downward. Bitcoin is trading roughly 10% beneath it.

That last point is the one that matters most. As long as price is below a falling 200 EMA, the higher timeframe trend is still down. What we are watching is a recovery inside that downtrend, not a reversal of it.

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