- Bitcoin fell to US$76,452 before recovering to around US$77,526, leaving it down 2.6% over the week.
- Senate Republicans have released a revised 630-page Clarity Act ahead of a 15 September procedural vote.
- CryptoQuant says Bitcoin remains in a constructive trend, but must break US$81,700 for a bull market to be confirmed.
- US spot Bitcoin ETFs recorded US$462.7 million in outflows last week, with no single day of net inflows.
Bitcoin has suffered further losses over the weekend, falling as low as US$76,452 (AU$106,948) in early trading on Monday morning. At the time of writing, it had recovered to around US$77,526 (AU$108,458), according to data from CMC. That’s a weekly loss of 2.6%, with BTC’s market cap now sitting at US$1.55 trillion (AU$2.16 trillion).
The small recovery comes after Senate Republicans released a revised 630-page version of the Clarity Act late last week, ahead of a September 15 procedural vote. The bill would require crypto trading protocols controlled by identifiable individuals or groups to register with the Commodity Futures Trading Commission (CFTC) and comply with anti-money-laundering requirements.
The bill’s Republican sponsors say President Donald Trump has agreed to much of the tougher ethics framework in the broader cryptocurrency legislation. The original proposal would have prohibited federally elected officials, their spouses and federal judges from issuing digital assets.
Read more: Bitwise to Shut Down Dogecoin ETF After Less Than a Year
Bitcoin Meets Wall of Resistance
Meanwhile, CryptoQuant analysts say the overall outlook for Bitcoin remains bullish. It first needs to clear resistance at US$81,700 (AU$114,267), however, for a bull market to be confirmed.
In a Friday research report, Julio Moreno, CryptoQuant’s head of research, said that “the trend is still constructive, but a wall of resistance stands in the way”.
CryptoQuant says Bitcoin demand may be showing early signs of stabilisation after a period of contraction, although the data does not yet point to a clear return to demand growth.
In a post on X, the on-chain analytics firm wrote:
The distinction is important because stabilising demand suggests the decline may be losing momentum, but does not necessarily indicate that a new wave of buying has begun.
US Bitcoin spot exchange-traded funds (ETFs) also had a red week, with a total of US$462.7 million (AU$647.1 million) leaving the funds and not a single day of net inflows.
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