Concerns Rise Over Bear Market as Bitcoin Faces Resistance Under $70K; CLARITY Act Approaches Resolution: Weekly Market Review
The crypto market is currently witnessing heightened fears surrounding the bear market as Bitcoin struggles to maintain levels above $70,000. Industry experts predict an imminent resolution to the CLARITY Act.
After experiencing several weeks filled with fluctuations and dropping to new multi-year lows, Bitcoin has found a measure of support, albeit with substantial resistance hindering its recovery efforts.
Recently, the cryptocurrency tested the crucial $65,000 support level after previously hitting resistance at $70,000 and $72,000. The bulls stepped in to prevent further declines at this point. Following this, Bitcoin temporarily ascended above $70,000 due to a rare weekend rally.
Despite this temporary rise, Bitcoin’s recovery was short-lived, as it fell back below the significant psychological level of $66,000 amid multiple warnings about potential further reductions, with doomsayers forecasting a price drop to as low as $10,000.
Earlier today, Bitcoin managed to recover slightly above $68,000, but once again faced rejection, settling back under $67,000. This situation points towards a somewhat negative weekly outcome, contrasting last Friday’s trading, when Bitcoin was performing marginally better.
In a seemingly stagnant altcoin space, there haven’t been any remarkable movements. While XRP, BNB, and ADA are slightly outperforming, ETH, LINK, and XLM are observing marginal losses.
In terms of gains, cryptocurrencies like WLFI, PEPE, and ZEC have shown stronger performance, whereas HYPE has suffered significant declines among larger-cap assets.
Market Data
Market Capitalization: $2.36T | 24-Hour Volume: $95B | Bitcoin Dominance: 56.4%
Recent Developments
- Ethereum Foundation’s Focus on Post-Quantum Security: The Ethereum Foundation announced plans to prioritize post-quantum security in its 2026 protocol roadmap, along with raising the gas limit and restructuring development efforts into scaling and security tracks.
- Saylor’s Strategy Acquires More BTC: Strategy announced acquiring another 2,486 BTC, further swelling its unrealized loss portfolio but growing its total holdings to over 717,000 BTC.
- Garlinghouse’s Optimism on CLARITY Bill: Ripple’s CEO Brad Garlinghouse noted a 90% chance of the CLARITY Act being approved soon, owing to significant bipartisan interest following recent discussions.
- Significant Move for Ethereum’s Proof-of-Stake: Data shows that over half of Ethereum’s supply is now held by its staking contract for the first time since its inception, marking a notable shift in asset distribution.
- Quantification of Bitcoin Address Rules: The founder of CryptoQuant has proposed that old Bitcoin addresses may need freezing to safeguard against potential quantum risks in the future.
- Warnings of a Phase 2 Bear Market: Analysts caution that Bitcoin is now entering a phase 2 bear market, indicating the potential for a slow recovery in the upcoming months.
