Bitcoin Slips as Clarity Act Doubts Weigh on Market

BTC forms a double top at $82,000 as ETF outflows add to selling pressure.

Bitcoin is facing renewed sell pressure after another failed attempt to surpass $82,000, with dwindling ETF activity and pessimism surrounding the Clarity Act. Several US Senators have expressed their concerns regarding the Clarity bill, saying they do not expect it to pass without tougher ethics provisions.

A Senate vote is scheduled for September 15, but currently the Republicans only control 53 votes out of the 60 needed. That means at least 7 Democrats will have to vote to pass the bill. But assuming they agree on the ethics language and other friction points, there is still a timing issue. The House will return from the August recess on September 14 but only for a four-day session. Then they will return after the midterm elections in November.

Even if the Senate passes the bill, it would still need approval from the House. Given their shortened session, it’s extremely unlikely the bill would pass before the midterm elections. The House already passed a version of the Clarity Act in 2025, but since then the Senate changed it, so the two chambers have to agree on this version of the bill before sending it to the President to be signed into law.

If the Clarity Act becomes law this year, it would greatly improve the recovery chances of Bitcoin and the broader crypto market. However, at this time, things are not looking good for the bill. On the other hand, if the September 15 Senate vote is favorable, the market will react positively, more than likely.

Meanwhile, spot Bitcoin ETF activity has cooled down, as evidenced by two consecutive days of outflows, totaling $146 million, according to data from Coinglass. Although it’s not something alarming, it’s clear that at least for the time being, institutional interest is lower.

Chart Analysis – BTC/USD

The recent touch of $82K has created a double top at this level. This is a bearish pattern, which may lead to an extended drop after the rejection. However, the two climbs toward $82K are very different.

The first touch of $82K was preceded by a slow climb that lasted from the beginning of April until the beginning of May. The most recent climb started at a lower price, but the bulk of the move took just three days. This shows that there’s a lot more strength behind the current move, so the chances of a breakout are higher. The 50-day MA (blue line) has crossed above both the other two moving averages, which is also a bullish sign.

The US Consumer Price Index (CPI) will come out later today, and this will overshadow the technical side. If the CPI differs substantially from the forecast, it will affect the interest rate odds, which in turn will affect the market, possibly triggering a strong move.