BIT: Bitcoin Shows Resilience at Cycle Bottom Under Dual Negative Pressure, $70,000 Becomes Key Confirmation Level

TechFlow News, July 31, according to analysis by BIT Official Chinese (@BITofficial_CN), the current crypto market faces dual pressure from the Federal Reserve's hawkish stance and the slowing progress of the "CLARITY Act". Federal Reserve Chair Kevin Warsh maintains a hawkish stance, the 2-year US Treasury yield has risen cumulatively by about 35 basis points since late January, and the committee has shown a pattern of 9 votes to maintain interest rates and 3 votes supporting rate hikes; regarding the "CLARITY Act", prediction markets show the probability of it being signed before the end of 2026 is only 32%, and the legislative window continues to narrow.

Meanwhile, crypto market trading volume has fallen 80% from its highs, total market cap has dropped by about 50%, USDT and USDC have not seen significant expansion since November 2025, and the market overall lacks new USD liquidity. Despite this, Bitcoin remains in the $62,000 to $66,000 range, pulling back only about 3% in the past week, showing stronger resilience compared to most altcoins, reflecting that pressure from active position adjustments has basically been released. BIT pointed out that if Bitcoin subsequently stands above $70,000 again and drives multiple indicators to turn bullish, it will further confirm that the low point of this cycle has been established.