Bitcoin Price Prediction as CLARITY Act Faces Make-or-Break July 4 Deadline

Bitcoin (BTC) price has dropped to $59,000 barely two weeks before July 4, the date which Senator Cynthia Lummis says the final text on the CLARITY Act will be released.

Bitcoin price is down by 4.47% today, June 24, to trade at $59,440 at the time of writing, with $37 billion in trading volumes per CoinMarketCap data.

CLARITY Act Nears Crucial July 4 Date

Congress will break for recess on July 4, and Wyoming Senator Lummis now says that the final text of the CLARITY Act will come out during that holiday period, but Bitcoin price is not moving.

Lummis noted that Senators have used “thousands of hours” to negotiate and reach a compromise on matters like the stablecoin yield that has faced heavy opposition from banks.

Lummis’ remarks come after the US House Financial Services Committee scheduled a special hearing for this bill on July 17, where they will discuss how CLARITY can unlock innovation in the US.

Pro-crypto senators are moving to have the CLARITY Act pass before the mid-term elections that are happening in November, with some analysts warning that if the bill fails to pass before then, it might never reach the president’s desk, which would impact BTC price.

Lummis’s remarks around the crucial July 4 date and the legislative effort going towards reaching a compromise on the contentious issues on the bill have not boosted the market confidence that CLARITY will pass in 2026

Data from Kalshi shows that there is only a 42% chance that CLARITY is going to pass in 2026.

Failure to pass could delay Bitcoin price recovery because the founder of the Digital Assets Council of Financial Professionals, Ric Edelman, had said the bill has the potential to bring the 95% of institutional capital that is outside crypto into crypto.

Bitcoin Price Prediction as Sell-Side Pressure Soars

The price of Bitcoin has dropped below the psychological support level of $60,000, and bears are now targeting the 61.8% Fibonacci retracement level of $57,000.

The ongoing drop stems from an increase in selling pressure as the dropping RSI line shows.

The RSI reading of 32 shows that the momentum is favoring bears, making the drop to $57,000 more likely to happen as the long-term Bitcoin price outlook also shifts.

The AO bars that are red and growing in length further confirm that bears have the upper hand, and the ongoing drop will likely continue unless buyers looking to buy the dip come back.

Bitcoin needs to move past the obstacle of $65,000 to confirm that a recovery is underway. It has not been able to move past this obstacle since June 8, and moving past it would be a confirmation to buyers that the price might recover.