Bitcoin - Will Bitcoin reach its previous ATH?!Bitcoin is above the EMA50 and EMA200 on the four-hour timeframe and is in its ascending channel. Bitcoin’s current upward momentum has the potential to reach its previous ATH. If it corrects, we can look for Bitcoin buying positions from the specified support area, which is also at the intersection of the bottom of the ascending channel.
If this support is lost, the decline will continue to around $113,000, where we can again buy Bitcoin with a better risk-reward ratio.
It should be noted that there is a possibility of heavy fluctuations and shadows due to the movement of whales in the market, and capital management in the cryptocurrency market will be more important. If the downward trend continues, we can buy within the demand area.
Last week, the U.S. House of Representatives passed the CLARITY Act (Crypto-Asset National Regulatory Transparency for Investors and Consumers Act) with 294 votes in favor and 134 against, including support from 78 Democrats. The bill represents the first comprehensive legislative effort to regulate the cryptocurrency industry and is considered a major regulatory win for digital asset proponents.
Key features of the legislation include:
• Clearly defining the regulatory roles of agencies like the SEC and CFTC
• Establishing a new category for registered digital assets
• Facilitating broader integration of cryptocurrencies into traditional financial systems
Status in the Senate: Despite bipartisan approval in the House, the bill’s future in the Senate remains uncertain. Senators are still in the early stages of drafting their own version, and significant revisions are expected. Some Senate Democrats insist that the bill must explicitly address President Trump’s and his family’s cryptocurrency holdings.
The CLARITY Act is part of a broader Republican-led legislative initiative dubbed “Crypto Week,” which includes two additional major digital asset bills aimed at modernizing blockchain regulation and the broader digital finance ecosystem.
Meanwhile, Donald Trump is preparing to issue an executive order that would open up U.S. retirement markets to cryptocurrencies, gold, and private equity. This order would allow 401(k) fund managers to incorporate alternative assets into retirement portfolios.
The move follows the rollback of Biden-era restrictions and the recent passage of three crypto-related bills in the House. While major investment firms have welcomed the proposal, critics warn that alternative assets may expose retail investors to greater financial risks.
Also last week, Bitcoin reached a new all-time high, pushing its market capitalization to $2.43 trillion. It has now surpassed Amazon, Google, and even silver, becoming the fifth-largest asset globally by market value.
Looking ahead, one of the key events on the economic calendar is Federal Reserve Chair Jerome Powell’s upcoming speech at an official central bank-hosted conference on Tuesday. This event comes just before the release of the preliminary S&P Global Purchasing Managers’ Indexes (PMIs) on Thursday. Given Trump’s escalating verbal attacks on Powell, a central question is whether this political pressure has influenced the Fed Chair’s stance.
Trump has repeatedly urged Powell to lower interest rates. This week, reports emerged suggesting that the President had discussed with some Republicans the possibility of removing Powell from his position. However, Trump was quick to downplay the reports, stating that the likelihood of Powell being dismissed was “very low.”
In this context, if Powell uses his speech to reassert the Fed’s independence and calls for patience to assess the impact of tariffs more thoroughly, the U.S. dollar may continue its recent upward trend. Still, it’s too early to confirm a definitive bullish reversal for the dollar. While the global reserve currency has responded positively to headlines fueling tariff concerns, markets could mirror April’s behavior—when fears of recession led investors to sell the dollar instead of buying it—should those concerns intensify again.
