Bitcoin (BTC) is holding above the $95,000 level after a recent pullback from two-month highs, as U.S. regulatory uncertainty and softer risk sentiment weigh on the broader crypto market.
The pause follows the U.S. Senate Banking Committee’s decision to delay markup on a proposed crypto market structure bill, a move that has cooled enthusiasm after Bitcoin briefly approached $97,000 earlier this week.
Despite the setback, analysts largely view the price action as consolidation rather than a reversal. Trading volume has declined, open interest has eased, and liquidations have risen, suggesting that some leverage is being cleared from the market.
Institutional demand through U.S. spot Bitcoin exchange-traded funds (ETFs) continues to provide a key source of support.
Since the start of the year, U.S. spot Bitcoin ETFs have attracted nearly $1.5 billion in net inflows. Analysts say this pattern suggests that institutional buyers have absorbed much of the selling pressure that followed Bitcoin’s breakout above $88,000.
Regulatory Delays Add UncertaintyThe delayed Senate vote followed public opposition from Coinbase CEO Brian Armstrong, who criticized parts of the proposed bill related to decentralized finance, tokenized equities, and regulatory oversight. Lawmakers postponed discussion of the bill, leaving questions about the future regulatory framework for digital assets.
The lack of clarity has contributed to short-term caution across crypto markets. Shares of crypto-related companies such as Coinbase and Strategy also fell after the news. Analysts note that while clearer regulation could support long-term adoption, uncertainty in the near term can pressure prices.
Is $100,000 Still in Play?For now, the market appears to be in a cooling phase rather than a downturn. Whether Bitcoin can regain momentum will likely depend on regulatory developments, institutional flows, and broader risk sentiment in global markets.
Cover image from ChatGPT, BTCUSD chart on Tradingview
