As Bitcoin hits another annual low and appears set to test the $70,000 level in the near term, a glimmer of hope has emerged that the bear market could transition to a more subdued phase — and that hope hinges on the stalled CLARITY market?structure bill.

Senate Democrats plan to hold a closed session today focused on the CLARITY bill. This is the first such meeting among party members since the Senate Banking Committee deferred consideration of the measure last month. A recent meeting between crypto industry representatives and banking officials also produced no breakthrough.

The closed session offers Democrats an important opportunity to craft a unified position on key questions around crypto regulation. The outcome could be decisive for CLARITY's prospects. If Democrats can find a compromise and present a clear, consistent stance, the bill's chances of passage would rise materially. If they do not, the regulatory outlook for the US crypto market will remain uncertain, adding further risk for investors.

A failure to make progress today would leave CLARITY's future unclear and could put additional pressure on a crypto market that is already struggling. The Banking Committee's delay and inconclusive consultations reflect deep divisions across the political spectrum and among key stakeholders. There is, however, still hope that further industry?bank dialogue will clarify outstanding regulatory issues.

Trading recommendations:

From a technical perspective, BTC buyers are targeting a return to $77,400, which would open a direct path to $80,100 and then $83,100. The extended target is near $85,600. A break above that level would signal attempts to restore a bullish market. On the downside, buyers are expected at $74,600. A drop below that area could quickly push BTC toward $72,100, with a further target near $68,900.

As for Ethereum, a clear consolidation above $2,301 would open a route to $2,466. The extended target is the peak near $2,585. Breaching that level would strengthen bullish sentiment and renew buyer interest. If ETH falls, buyers are anticipated at $2,159. A move below that zone could rapidly send ETH down to about $2,017, with a farther downside target near $1,891.

What we see on the chart:

- Red lines indicate support and resistance levels where either a price slowdown or active growth is expected;

- Green lines indicate the 50-day moving average;

- Blue lines indicate the 100-day moving average;

- Light green lines indicate the 200-day moving average.

A crossover, or a price test of moving averages, typically either halts the move or sparks fresh market momentum.