Bitcoin held near $65,200 on Monday, up 3.7% on the week, even after the Senate fell short of the votes needed to advance the CLARITY Act before its August recess. Spot ETF inflows and a softer dollar kept the bid intact, while on-chain data point to resistance building near $67,000 and $72,000.
Bitcoin held near $65,200 on Monday, up 3.7% on the week, capping a recovery from an early-August low near $62,000. The Senate mustered 51 of the 60 votes needed to advance the CLARITY Act on Friday before leaving for recess, pushing action to September 14 at the earliest. Yet bitcoin's gains held anyway, backing what strategists argued last week: the delay was already priced in, so the failure landed as confirmation rather than a fresh blow.
ETF inflows offset a weak jobs report
Spot bitcoin funds strung together consecutive days of inflows, and a softer dollar since a weak U.S. jobs report loosened the backdrop that had pinned bitcoin through the summer. U.S. employers unexpectedly cut 23,000 jobs in July, compared with expectations for an increase of about 80,000. Payrolls for May and June were also revised down by a combined 103,000, even though the unemployment rate edged down to 4.1%.
Traders now await Wednesday's U.S. consumer price report for fresh signals on the Fed's rate path. Energy costs remain part of that calculus: Brent crude traded above $83 a barrel as Iran seeks U.S. concessions before agreeing to reopen the Strait of Hormuz. That keeps inflation risk elevated heading into Wednesday's report.
Saylor teases another purchase
Michael Saylor posted Strategy's bitcoin-buy chart over the weekend, captioning it, according to CoinDesk: "Doing business." The post came days after the firm disclosed selling about 1,638 BTC to fund buybacks, which markets read as a tease of another purchase.
Resistance builds near $67,000 and $72,000
On-chain data point to a tougher climb ahead. The one-to-three-month cohort's realized price sits around $67,000, a level where recent buyers could sell near breakeven and add fresh supply. $763 million in ETF inflows and HODLer accumulation are providing support, though the long-term holder SOPR remains below 1. Beyond that, the three-to-six-month cohort near $72,000 creates another hurdle before a sustained recovery can take hold.
Sources: CoinDesk, Investing.com, AMBCrypto
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