Bitcoin's Price Stuck at $70,000 Amid Regulatory Uncertainty

Bitcoin's price rally has been met with resistance at the $70,000 level, preventing it from breaking out of its trading range. The market's inability to surpass this psychological barrier has sparked concerns among investors and analysts.

The recent rebound in Bitcoin's price was fueled by a series of macro catalysts, including a temporary easing of tensions between the US and Iran and a strong earnings report from Nvidia. However, these factors were unable to sustain the rally, and the market returned to its range-bound behavior.

One of the main concerns for Bitcoin is the ongoing regulatory uncertainty surrounding digital assets. The Clarity Act, which was designed to provide a comprehensive legal framework for cryptocurrencies, has faced significant delays in the Senate, leaving investors wary of further legislation.