Bitcoin tops $65,000 as Senate delays CLARITY Act to September

Bitcoin held above $65,000 on Aug. 10 as Senate failed to pass CLARITY Act before recess, with ETF inflows and dollar weakness driving gains.

"The market has largely priced in the delay," said Yuki Hasegawa, an analyst at bitbank, noting that Fed Chair Warsh's explicit statement that the Fed is prepared to hike rates at the September FOMC meeting will serve as a powerful check on the market.

U.S. spot Bitcoin ETFs recorded about $754.69 million in net inflows in August as of Aug. 9, with combined net assets near $78.77 billion, according to Finbold. Weekly inflows reached $850 million, the strongest since mid-April. Santiment data shows wallets holding 10 to 10,000 BTC increased balances by 0.34 percent from July 29, while wallets under 0.01 BTC cut positions by 0.59 percent.

The July CPI release on Aug. 12 is the next test. Fed funds futures price roughly a 55 percent probability of a September rate hike, and a hot inflation reading could pressure BTC, while a soft print would support a challenge of the $67,000 swing high.

Senate Schedules CLARITY Act Vote for Sept. 15

Senate Majority Leader Thune filed a cloture motion to proceed with the CLARITY Act, scheduling a vote for Sept. 15 after the recess. The bill seeks to establish federal rules for digital asset trading and define oversight roles for regulators. The 60 votes needed to pass the motion have not yet been secured, and the White House has yet to agree to a bipartisan compromise on ethics provisions tied to crypto ownership by federal officials.

President Trump renewed support for the U.S. crypto industry on Friday, calling crypto a "big deal" and warning that China could gain ground if Washington slows digital asset policy. Trump said he could place his crypto assets in a blind trust while arguing against rules that could limit U.S. crypto activity.

Jobs Data and ETF Flows Underpin Price Action

The July employment report showed nonfarm payrolls fell by 23,000, far below the 83,000 increase economists expected. The unemployment rate slipped to 4.1 percent. Stock futures climbed after the report as traders increased bets that the Fed will keep rates unchanged in September. Nasdaq 100 futures rose 1.2 percent, S&P 500 futures gained 0.5 percent, and Dow futures added about 160 points.

Bitcoin's trading range since early July spans roughly $58,076 to $66,896, with $66,900 acting as nearby resistance. A break above that area would place the $70,000 level back in focus. On the downside, $63,000 is the near-term support to watch.

Ether traded near $1,919, up almost 3 percent on the week. Solana was the strongest major, up nearly 5 percent over seven days. XRP was the only major in the red, slipping 4 percent on the week. Over $160 million in liquidations occurred across the broader crypto market in the past 24 hours, with $113 million of that being short position liquidations, according to Benzinga.

The Crypto Fear & Greed Index remains in "Fear" territory. Bitcoin's open interest increased 0.53 percent over 24 hours, and both retail and large derivatives traders on Binance are maintaining net long positions.

With ETF inflows continuing and whale balances rising, the path of least resistance points toward a retest of the $66,900 level. But the Sept. 15 CLARITY Act vote and the September FOMC meeting remain binary events that could shift the trajectory in either direction.

This article is for informational purposes only and does not constitute investment advice.