HUGE! SENATOR LUMMIS SAYS CLARITY ACT WILL HAPPEN IN JULY! BITCOIN DUMPS BELOW $60K!

**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, please be sure to leave a five-star rating and review. All right, folks, we gotta start off with Bitcoin, because today Bitcoin went below 60K, touching 58K.
So the volatility continues, and we're gonna have to be patient here to see if this is gonna continue going down, or is it gonna continue in a rising channel? It's just us forming the bottom of that channel, or it's gonna, again, go down to lower lows, possibly to 50K, right? So just be prepared for that. Obviously, as I've been saying, we are in the bottom zone. The majority of the downward move has been completed, and I think if there's another move down, it would be that final move. And I'm not just saying that because of gut feeling, but rather based on the data. One of the things I've been highlighting is that there's a bullish divergence forming on the weekly chart. This is something that has formed the bottoms of these bear markets. And if you look at the inverse of that, if you look at USDT dominance, right? So this is a stablecoin liquidity.
It is forming a bearish divergence. So the perfect scenario or setup here, right? You're seeing the respective signals. So this is where I think we're getting close if the bottom is not in already.
But just be prepared, you know, I'm personally, I know that, hey, there's a probability it's in, or we could see another downward move. So just have that in your mind so you're not surprised. And as I've been telling you guys, I'm dollar-cost averaging in. So I'm buying the dips on a lot of altcoins and things along those lines.
I'm not trying to get the bottom or time to bottom perfectly. That's impossible, right? But I'm going to look for the bottom zone, as I've been saying. And when I'm exiting the market, I'm looking for the top zone. So these are things to keep in mind. Now as I've been telling you guys, this move necessarily shouldn't be surprising because I've been highlighting in the podcast updates, as well as in my newsletter, that the stock market is showing a ton of weakness. And S&P 500, NASDAQ and much more have been correcting. So I think we're going to look at this as a benchmark. If it starts reversing, we will see crypto start to follow.
The stock market, as far as the S&P 500, the RSI is past the neutral zone. So let's see if it goes to the oversold zone. It's not guaranteed to go there, but it could certainly go down there and test some supports, then bounce and start the next rally upwards, which I believe crypto will follow. I've often stated that I believe the market makers and crypto watch the stock market and they use that as a benchmark, and they do their thing in the crypto market. It's the Canary in the coal mine, and when you see these types of moves from crypto, it's coming for the stock market, which is a little less volatile when you look at the indexes, like the S&P 500, NASDAQ and more.
So we've got to be patient. Some other signals that I'm looking at that are indicative of the bottom being close, is that more than 50% of the Bitcoin supply out there is underwater. So it's hitting levels that we've seen at previous bear market bottoms. So something to keep in mind. And it's just patience. I know it's painful. I know it's annoying to watch your portfolio go down, but it's all cyclical, guys. We're not in a bear market forever. So that's something to keep in mind. Now, Bitcoin has entered the very cheap zone. This is a great chart by Analyst Crypto currently. So it's relative to the all-time high. So we are back in the cheap zone. You know, Bitcoin briefly hit the expensive zone when it hit 126K. Obviously, the past bull market was lackluster. So we didn't go into that heavily expensive area or even the very expensive area.
It was kind of a shortened bull market, right? But, you know, relative to that, we're back in the very cheap zone. So, again, all of these factors align to some sort of bottom here, if it's in or very close to it. So, yeah, these are the different things I'm looking at. Now, despite all of this volatility, Charles Schwab has officially rolled out their Bitcoin trading services. So just in time to buy the dip, right? You can imagine a lot of these institutions are going to start accumulating because there's extreme fear, the sentiment is just bad, and the prices are low, right? They're going to start to accumulate. So I hope you have a plan to accumulate as well. Now, something to think about is we're seeing a lot of progress with the Clarity Act. And I've been stating for the past year or so that the Clarity Act passing will have a buy to rumor, sell to news event. So we could see a rally, you know, in July, if everything goes according to plan, where you have that buy to rumor, sell to news event with the Clarity Act passing, maybe Bitcoin rallies back up to 80-something K or so. And we'll have to wait and see. And here is Senator Lummis. She was interviewed this morning by Maria Bartolomo on Fox and talking about the Clarity Act. Here's what she had to say. We are finally to the point where we are going to put out the text over the July 4th and give people one last really thorough look at the bill. And then we are moving in July.