Bitcoin slipped below $80,000 on Wednesday as crypto markets turned cautious ahead of Thursday’s highly anticipated U.S. Senate Banking Committee markup meeting on the Clarity Act.

Notable Statistics:

• Coinglass data shows 120,108 traders were liquidated in the past 24 hours for $374.66 million.     

• SoSoValue data shows net outflows of $233.3 million from spot Bitcoin ETFs on Tuesday. Spot Ethereum ETFs saw net outflows of $130.6 million.

• In the past 24 hours, top losers include SKYAI, Toncoin and Terra Classic.

Notable Developments:

• If You Want To Know Where Bitcoin Is Headed Next, Watch The Price Of Copper

• The Clarity Act Is One Vote Away: Here’s What 50 Million Crypto Holders Get If It Passes

• How Far Can Michael Saylor ‘Stretch’ It? Strategy’s Bitcoin Machine Enters A New Phase

• XRP Whale Traders Hit All-Time High: What Does It Mean?

• Charles Schwab Rolls Out Bitcoin, Ethereum Trading As ETF Outflows Hit $233 Million

Trader Notes:

Trader KillaXBT said Bitcoin’s broader bear-market structure still leaves room for a move below $60,000, although the $50,000–$60,000 region now stands out as a strong long-term accumulation zone after previously targeting $37,000 near the $112,000 top.

CrediBULL Crypto sees Bitcoin is now approaching its first downside target after recent price action showed early weakness, with traders closely watching whether BTC can stabilize at support before selling pressure accelerates further.

Trader Tim explained Bitcoin has already lost Monday’s low and is now testing a key higher-time-frame support region. The analyst noted that markets are watching whether the April high and broader structural support can hold into the daily close.

He warned that a confirmed breakdown below the structural “red line” would likely invalidate the current bullish setup and shift focus toward short opportunities on lower time frames, particularly the 4-hour and 1-hour charts.

Image: Shutterstock

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This article Bitcoin, Ethereum, XRP Wobble As Markets Await Clarity Act Markup, Dogecoin Extends Rally originally appeared on Benzinga.com

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