The price of Bitcoin has been struggling this year, down 47.5% since its record high of $126,198 on October 7th.
This decline is attributed to a shift in investor sentiment following changing expectations about interest rate cuts from the US Federal Reserve.
However, recent news may bring some relief to Bitcoin investors. The Clarity Act, a piece of legislation that would grant regulatory oversight to crypto trading by the SEC and CFTC, is reportedly close to passing through Congress.
If passed, this could be a catalyst for a strong breakout in Bitcoin's price, according to Miller Tabak + Co chief market strategist Matt Maley.