Bitcoin remains trapped below a major resistance area, while the shorter-term structure continues to lean bullish as long as key support holds. Video by More Crypto Online.
In this update, we look at the bigger-picture Bitcoin structure, the current Elliott Wave setup, and the possible triangle forming on the lower timeframe. I also explain why a breakout alone is not enough and why the reaction that follows could be much more important.
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The main question is whether Bitcoin is currently forming a Wave 4 triangle before another push higher. Triangles are structures of indecision, so the focus remains on the levels rather than trying to predict the breakout in advance.
The broader multi-year trend remains bullish, the daily picture is neutral while Bitcoin remains inside its larger range, and the shorter-term structure remains bullish while key support holds.
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Bitcoin Insights Today
-The CLARITY Act Fails in the Senate: Market sentiment was severely bruised after the Digital Asset Market CLARITY Act failed a critical procedural Senate vote in a slim 49-50 decision. Backed heavily by the Trump administration to build a unified federal regulatory framework for crypto, the bill fell short of the 60 votes required. Lingering gridlock over insider trading rules for federal officials and stablecoin yield payouts ultimately blocked its progression.
-$450 Million Institutional Outflow: Institutional confidence reacted swiftly to the Senate vote. U.S.-listed spot Bitcoin ETFs recorded a massive net outflow of $450.33 million on Tuesday, reversing a positive momentum trend from earlier in the week
-Looming Fed Rate Hike: Crypto bulls are tightly gripping their seats ahead of today's Federal Reserve meeting. Rate markets have priced in a 94% chance of a 25-basis-point interest rate increase by Fed Chair Kevin Warsh. Higher interest rates historically reduce the market's appetite for risk assets like Bitcoin.
-Soaring Bond Yields: Compounding macro pressures, the 10-year U.S. Treasury yield briefly cleared 5% today for the first time since 2007. High bond yields provide investors with safer, guaranteed returns, draining capital out of more volatile assets like crypto.
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