Bitcoin was changing hands at $64,170 on August 5, 2026, up more than 1% over the previous 24 hours, as a chart pattern taking shape on the daily timeframe fuels speculation that the largest cryptocurrency has already found its bottom for this cycle. The move comes with market capitalization sitting near $1.28 trillion and 24-hour trading volume around $23.06 billion, according to CoinMarketCap data.
Aksel Kibar, a former fund manager and classical chart trader, pointed to an inverse head-and-shoulders formation building since Bitcoin's July low of roughly $58,570. That structure, if it plays out, would put the asset on course for a retest of resistance around $67,200 — a level that represents a 4.72% gain from current prices.
Kibar's read is not purely about the pattern's shape. He noted that Bitcoin's price action has not repeated the bearish flag structure that preceded the sharp capitulations seen in February and June, arguing this is one reason the July low may hold as a durable floor rather than another stop on the way down. "[Bitcoin] could be eyeing a retest of the resistance level around $67,200 in the near term," Kibar said, describing the asset as having "possibly bottomed out."
A Legislative Deadline Adds to the Uncertainty
Bitcoin's near-term direction is tangled up with a separate, non-technical variable: the fate of the CLARITY Act, the crypto market structure bill working through the Senate. Majority Leader John Thune confirmed on August 3 that the bill, formally the Digital Asset Market Clarity Act, would get a Senate floor vote before lawmakers leave for their August recess on August 10. If cloture is filed, a procedural vote could come as soon as August 7 — leaving only a handful of legislative days to clear the 60-vote filibuster threshold, which requires Republicans to win over roughly seven Democratic votes.
The bill has already cleared the House by a 294-134 margin in July 2025 and passed the Senate Banking Committee 15-9 in May 2026, but prediction market Polymarket puts its odds of becoming law in 2026 at just 30%. That backdrop matters for Bitcoin's chart setup: passage would likely reinforce bullish momentum behind a breakout attempt toward $67,200, while a stalled or failed vote could revive the kind of bearish sentiment that triggered February and June's steeper drawdowns.
What Would Confirm the Pattern
Technical analysts generally treat an inverse head-and-shoulders pattern as confirmed only once price closes convincingly above the neckline — in this case, the area around $67,200 that Kibar flagged. Until then, the setup remains a working thesis rather than a confirmed reversal, and the coincidence of a binary legislative deadline landing in the same window adds a layer of event risk that a purely technical read wouldn't otherwise carry.
For now, Bitcoin's grind higher off the July low has kept the bullish case alive without yet forcing the issue. Whether the coming days deliver a breakout past $67,200 or another rejection may hinge as much on what happens in the Senate as on what the chart is showing.
