CLARITY Act Vote Holds $2.6T Floor; Bitcoin Steady

The total crypto market cap slipped 0.32% to $2.66 trillion after the Senate Banking Committee voted 15-9 to advance the CLARITY Act. The measure assigns oversight responsibilities between the Securities and Exchange Commission and the Commodity Futures Trading Commission and clarifies rules for exchanges, decentralized finance protocols and stablecoins. Traders treated $2.60 trillion as a support level and the market value fell about $8.52 billion from the prior close.

Short-term exponential moving averages — the 20-day, 50-day and 100-day EMAs — are below the current market cap, while the 200-day EMA sits at $2.74 trillion above the market. The 50-day EMA at $2.55 trillion is approaching the 100-day EMA at $2.57 trillion. Technical levels put $2.72 trillion as the next upside cap if the $2.60 trillion support holds; a break below $2.60 trillion would expose $2.53 trillion and then $2.47 trillion.

Bitcoin traded around $80,862 on the eight-hour chart and sat just above a cluster of support near the 20-period EMA at $80,500, which aligns with the 0.382 Fibonacci level at $80,490. A clear break below $80,490 would point to the 0.618 Fibonacci level at $79,519 and the 50-period EMA at $79,610. Lower support levels include the 1.0 Fibonacci at $77,948 and the 100-period EMA at $77,743. A daily close above the May 6 peak of $82,844 would put prices back above that recent high; a daily close below $80,490 would open the path to the lower Fibonacci and EMA supports.

Sui traded at $1.16, down more than 3% on the day and about 17% below its $1.41 peak on May 10. A flag-and-pole pattern that preceded a rally has broken down and Sui entered a deeper retracement. Selling volume on Sui has cooled. Immediate support is at the 0.5 Fibonacci level of $1.14; reclaiming $1.28 (the 0.236 Fib) would bring $1.41 back into range. A break under $1.14 would expose the 0.618 Fib at $1.08 and a potential move below $1.

Other market developments included a corporate report and derivatives flows. Forward Industries, the largest public holder of Solana, reported a $283 million net loss for the fiscal second quarter after marking down its SOL treasury; staking revenue increased to $13 million. In derivatives, Dogecoin futures open interest rose about 5.09% and trading volume increased roughly 81.62% to $3.99 billion during the session.

The CLARITY Act passed the committee in a 15-9 vote and remained a reference point for short-term price action, with the $2.60 trillion level cited by market participants as a key support.