CRYPTO ALERT! CLARITY ACT MOVES TO SENATE VOTE & WILL BITCOIN & ALTCOINS BOUNCE SOON?

**Tony Edward** (0:05)
Hey folks, welcome into the Thinking Crypto Podcast, your home for cryptocurrency news and interviews. I'm your host Tony Edward. On your way in, please hit that subscribe button as well as the thumbs up button and leave a comment below. If you're listening on a podcast platform such as Spotify or Apple, or wherever you get your podcasts, be sure to follow and leave a five star rating. Folks, make sure you watch and listen to the end. We have lots of big updates around the Clarity Act, huge altcoin news with Stellar, Ripple and XRP and much more, but also something with CBDCs that you need to know about. We are seeing a 180 here from the United States with regards to creating a CBDC. Let's get into it. All right, folks, let's start with the price of Bitcoin because the bleeding continues. Bitcoin currently trading at $66,838.
So in yesterday's episode, we covered in detail what's happening on the charts. We also talked about Sailor and MicroStrategy selling some Bitcoin that put a bearish sentiment out there. And look, the charts were, of course, in a place of the crossroads. And I think that story was the catalyst to break through the floor that Bitcoin was holding. However, the positive sign we're seeing here is that on the daily chart, folks, and this is by the textbook, Bitcoin is now in the extreme oversold zone. I don't make the rules. This is technical analysis. So if you know how to read that RSI metric, guys, it is clearly showing we are in the extreme oversold zone. You have extreme fear. So what happens when you get in the zone? You have a reversal. So I'm not saying it's going to happen tomorrow. It could play out over the next week and a half or two weeks, but it's starting to turn red here. The RSI is way below 30 And we saw the last time or the last couple of times it did that. And even throughout the history, there's a reversal in Bitcoin's price. So I'm not saying we're going to new all time highs, but I believe there's going to be a counter trend rally here, especially with all the bearishness. Again, with strategy selling, people are scared, people are thinking, it's over for Bitcoin, it's sailors selling.
And not to mention the price continue to break down. So this bodes well for a reversal, all these things, right? Because you want to do the opposite of the herd. And not to mention the Bitcoin MVRV, it is underwater. So most traders from a 30 day perspective, even in a yearly perspective, are down. So all the conditions are there for a reversal. Again, it won't happen overnight. I'm not saying this week we're going to pump.
Certainly it's possible, but I'm just saying that a reversal is coming soon. So that's a very positive sign and we really have to be patient here. Okay, moving ahead folks, the Clarity Act is making progress. So the Clarity Act has been approved to move to the floor, the Senate floor for a full vote. This is very good. We don't have an exact date yet, but there was movement yesterday. So based on the information we're seeing at congress.gov on June 1st, it showed the Clarity Act starting to move forward. So I think we could see some action this month, and that could coincide with what the charts are showing us, that a reversal is coming, and this could be the momentum that we need to continue some sort of rally. I don't know how high we get. You know, we're going to have to wait, see what the market shows us, what the chart shows us. But I can say, based on the metrics, based on some of these things, that we're going to see some sort of reversal here. Now folks, if you recall, Patrick Witt, the White House crypto advisor, said he's targeting July 4th for this bill to be passed out of the Senate, and of course make it to President Trump's desk. I hope we can get a lot of progress done this month, where we meet that timeline. That will be incredible, and we can do it ahead of the August recess. And of course, it's a midterm election year, so I don't expect anything to get done if this thing delays further into September, right? Because everybody's going to be out campaigning, it's going to get nasty. You guys know how the game of politics is, so we're really going to have to get things done this month. So fingers crossed, they can keep moving forward.
Today, the Blockchain Association, which of course is a crypto advocacy group, they said they're sending a letter to the Senate Majority Leader Tune and Senate Democratic Leader Chuck Schumer, which is signed by 160 former national security intelligence and law enforcement professionals in support of the Clarity Act. This is great, you got to put the pressure on and you got to get people who are of caliber, like national security and intelligence experts and law enforcement professionals as well. So this is really great.