Bitcoin (BTC) has fallen 3% over the past 24 hours, trading into a dense buy-side liquidity zone after slipping below $61,000. More than $525 million in buy bids initially stacked between $60,500 and $61,500 created a key area of demand as liquidation risk builds on both sides of the market.

BTC’s orderbook data shows concentrated liquidity pockets below $60,500 and near $65,000, placing liquidity flows at the center of Bitcoin’s short-term price action.

Bitcoin momentum weakens below $63,000

Bitcoin closed at $62,700 on Tuesday, its lowest daily candle close since June 10. The move also produced a bearish engulfing candle against Monday’s range, erasing the prior day’s gains and signaling weaker short-term momentum.

BTC/USDT, one-day chart. Source: Cointelegraph/TradingView

The price has since consolidated beneath $63,000 after losing that level as support. The one-hour chart shows a series of lower highs following the rejection near $66,000 earlier this week. The momentum indicator, or relative strength index (RSI), has cooled from recent overbought levels, while Bitcoin continues to trade above the June range low near $60,500.

BTC/USD, one-hour chart. Source: Cointelegraph/TradingView

Crypto trader Lennaert Snyder called for caution and expected BTC to test the lower liquidity before considering long exposure. The trader said, 

“Bitcoin started a little bounce, but I’m not convinced and not buying in yet,” Snyder wrote in a recent market update.

The trader identified $61,500 and $60,500 as the primary levels to watch for bullish reactions. On the upside, he pointed to $63,500 and $64,000 as potential areas where liquidity could attract price before another move lower.

Related: Multi-year Bitcoin holder selling falls to 19-month low as halving model flags new market bottom date

$530 million in BTC buy bids sit below $61,000

Data from Velo shows that BTC traders initially added 8,366 BTC to bid liquidity between $61,500 and $60,500. At the time of writing, Bitcoin has traded through a significant portion of that range, triggering roughly $270 million worth of buy orders as the price dipped below $61,000.

The remaining bids remain near the lower end of the liquidity cluster, where traders are attempting to absorb the latest wave of selling pressure.

BTC buy bids analysis. Source: Velo Chart

The move below $61,000 has already flushed a significant portion of the leveraged long positions clustered around $61,500. CoinGlass data shows more than $125 million in long liquidations over the past hour, reducing downside liquidation pressure near the current price.

With much of the nearby long-side leverage cleared out, the liquidation map now shows a growing imbalance toward short positions positioned above spot price.

Now, more than $1.2 billion in short positions sit near $63,500. A stabilization in the remaining bid liquidity around $60,500-$61,000 may shift attention toward those positions, especially as the downside liquidation pools become less concentrated following the latest flush.

Bitcoin liquidation map. Source: CoinGlass

The next major concentration of liquidation risk sits near $65,000, where more than $2.4 billion in short positions are vulnerable. Such setups often trigger fast moves as liquidations fuel additional buying. For now, the largest liquidity concentrations remain near $60,500, where both spot demand and leveraged exposure remain heavily stacked.

Related: BTC price four-year trend calls for $76K as analysis says Bitcoin ‘not broken’

Key Points

• Presidential postponement leaves Federal Reserve digital currency prohibition uncertain.

• Legislation would prevent Fed-issued digital dollar implementation until 2030.

• Presidential signature contingent on passage of voter registration requirements.

• Private stablecoin exemptions preserved within housing legislation framework.

• Senate cryptocurrency regulatory proposals encounter additional legislative complications.

President Donald Trump has put a federal prohibition on central bank digital currencies in jeopardy after canceling Wednesday’s anticipated signing ceremony for a comprehensive bipartisan housing reform package. The measure would prevent the Federal Reserve from launching a retail central bank digital currency until the end of 2030. Trump’s decision ties the legislation’s fate to separate voter identification requirements.

Presidential Approval Conditional on Election Reform Measure

Through his Truth Social platform, Trump announced the ceremony cancellation moments before its scheduled commencement at the White House. He stipulated that congressional lawmakers must first approve the SAVE America Act, legislation mandating citizenship verification during federal voter registration. This maneuver threw both the housing reform package and its embedded CBDC prohibition into sudden legislative limbo.

The SAVE America Act mandates documentary proof of United States citizenship for individuals registering to participate in federal elections. Proponents characterize this requirement as essential election integrity infrastructure, while critics contend it creates unnecessary obstacles for legitimate voters. Trump has urged Republican senators to expedite the proposal despite minimal Democratic backing.

The housing legislation sailed through the House of Representatives with 358 affirmative votes against 32 negative votes, following Senate passage by an 85-to-5 margin. The bill consequently arrived at the executive branch with extraordinary bipartisan consensus. Trump nevertheless suspended the ceremony despite widespread support from congressional leadership in both chambers.

Digital Currency Prohibition Embedded Within Housing Reform

The 21st Century ROAD to Housing Act principally addresses housing inventory expansion, affordability challenges, mortgage lending protocols, and construction regulatory obstacles. Congressional negotiators, however, inserted provisions barring the Federal Reserve from developing or deploying a retail CBDC. This prohibition would maintain force through December 31, 2030.

The language additionally encompasses digital instruments exhibiting characteristics substantially similar to central bank digital currencies. Critically, it carves out private dollar-denominated assets functioning through transparent, permissionless, and decentralized infrastructure. This exclusion safeguards eligible stablecoins from the federal restriction.

Trump has previously issued executive guidance prohibiting federal agencies from establishing, deploying, or advocating for a United States CBDC absent explicit statutory authority. While the Federal Reserve has conducted exploratory research into digital currency possibilities, no digital dollar has been introduced. The congressional language would therefore codify existing executive policy through statutory law.

Legislative Postponement Complicates Cryptocurrency Regulatory Agenda

Trump retains the option to sign the housing package following congressional advancement of his preferred election legislation. Constitutional procedures also permit the measure to achieve legal status without presidential signature. Timing will depend on formal legislative presentation protocols and congressional scheduling dynamics.

This postponement may generate additional uncertainty surrounding the Digital Asset Market Clarity Act currently pending. That legislation would establish jurisdictional boundaries for digital asset oversight and allocate regulatory responsibilities among federal agencies. Trump has previously expressed support for establishing comprehensive market structure frameworks for the cryptocurrency industry.

The CLARITY Act awaits Senate floor deliberations, potential amendments, and conclusive voting. Simultaneously, legislators continue negotiating ethical guidelines concerning political figures’ participation in digital asset enterprises. The housing legislation dispute now injects another political prerequisite into an already congested Senate legislative schedule.

Trump has not issued explicit veto threats regarding the market structure legislation or other pending cryptocurrency proposals. Nevertheless, his refusal to advance unconnected measures may decelerate congressional progress across multiple policy domains. The CBDC prohibition consequently remains entangled with broader controversies involving housing policy, electoral procedures, and digital asset regulatory frameworks.

Bitcoin (BTC) hit new two-week lows at Wednesday’s Wall Street open as traders predicted a rally to a “poor” lower high.

Key points:

• Bitcoin price action edges closer to range lows, which traders still see holding.
• A relief bounce should enter soon, they say, with targets closer to $70,000.
• US-Iran peace progress has little bullish impact on risk assets, with US stocks flat at the open.

BTC price nears range lows: Is $70,000 next?

Data from TradingView showed BTC price action dropping below $60,000 for the first time since June 10.

BTC/USD four-hour chart. Source: Cointelegraph/TradingView

Traders had warned of increasing short interest with rising funding rates, boosting the odds of a capitulatory move lower.

“It’s time to start bouncing soon on the LTF,” trader Killa wrote in ongoing commentary on X, referring to low time frames. 

“Range bound till proven otherwise.”

BTC/USD chart segment. Source: Killa/X

Killa uploaded a further chart showing a relief bounce toward $70,000, being due following the bounce.

BTC/USD chart segment. Source: Killa/X

Fellow trader RektProof had a broadly similar forecast, seeing BTC/USD trading in a range with $60,000 as its floor “for the rest of the month.”

“Overall, a move to supply and back down to the EQ lows before forming back to poor highs + 70k,” he added.

BTC/USDT one-hour chart. Source: RektProof/X

Stocks tread water as Hormuz oil transit progresses

On a macro level, US stocks appeared to have already priced in relief from the US-Iran peace deal.

Related: BTC price four-year trend calls for $76K as analysis says Bitcoin ‘not broken’

Upside was limited at the open despite US President Donald Trump offering further details of mutual cooperation between the two sides.

Trump specifically made reference to the Strait of Hormuz oil transit route, writing in a post on Truth Social that there would be “no tolls, no insurance costs, & no other charges of any kind being sought or received by Iran on ships traveling” via the route.

Source: Truth Social

The S&P 500 traded up 0.4% at the time of writing, while the Nasdaq Composite Index even turned slightly negative on the day.

Earlier, Cointelegraph reported on several factors keeping risk-asset enthusiasm in check, including forward earnings guidance by tech giant Micron Technologies and the May print of the Personal Consumption Expenditures (PCE) index, due out on Wednesday and Thursday, respectively.

Months of negotiations have brought the CLARITY Act to its final review stage, with Senator Cynthia Lummis confirming a July 4 release of the updated text ahead of a Senate push later in July.

According to Lummis, who spoke with Fox Business host Maria Bartiromo, Senate negotiators are preparing to publish the updated legislative text after months of discussions involving lawmakers, industry stakeholders, and banking representatives. She said the bill will be made available for one final round of feedback before lawmakers seek a Senate floor vote later in July.

Speaking during the interview, Lummis said negotiations on the legislation have been ongoing since last Labor Day and have required extensive work to address concerns raised throughout the drafting process. She stated that lawmakers spent thousands of hours examining issues tied to both the CLARITY Act and the recently debated GENIUS Act while also considering objections raised by parts of the banking industry.

Following the publication of the text, Lummis said Senate leadership is working to secure floor time next month. She added that discussions with Senate Majority Leader John Thune are focused on placing the legislation on the chamber’s July agenda.

Senate prepares next step for crypto market structure bill

The expected release comes as lawmakers continue refining a framework intended to establish regulatory boundaries for digital asset markets in the United States.

During the interview, Lummis pushed back against criticism from JPMorgan CEO Jamie Dimon, who had argued that the bill could allow crypto companies to offer rewards programs resembling interest-bearing banking products without being subject to the same safeguards as traditional financial institutions.

Responding to those concerns, Lummis said the criticism does not accurately reflect the legislation’s current language. She pointed to Section 301 of the bill, which she said was revised during negotiations to address issues raised by banks and regulators.

According to Lummis, the updated provisions ensure that rewards offered by crypto firms are not linked to account balances in a way that resembles interest payments. She also said the legislation includes additional anti-money laundering measures that were incorporated during the drafting process.

Her remarks come as lawmakers continue balancing demands from the crypto industry with concerns raised by traditional financial institutions over consumer protections and regulatory consistency.

Section 604 continues to attract opposition

While Senate negotiators move toward publication of the final text, several organizations have recently urged lawmakers to reconsider another part of the legislation.

As crypto.news previously reported, four law enforcement organizations sent a letter to Acting Attorney General Todd Blanche and White House digital assets adviser Patrick Witt, warning that Section 604 could create regulatory gaps and make investigations involving digital assets more difficult. The groups argued that the provision could weaken Know Your Customer and Anti-Money Laundering requirements compared with standards applied in traditional finance.

Section 604 incorporates the Blockchain Regulatory Certainty Act and would prevent certain non-custodial participants, including open-source developers, self-custody tool providers, software contributors, and some decentralized finance infrastructure operators, from automatically being classified as money transmitters.

Separately, the Alliance to End Human Trafficking urged Senate Republican Leader John Thune and Senate Democratic Leader Chuck Schumer to revisit the same provision. The organization said the proposed language could create ambiguities that complicate efforts to monitor financial activity linked to human trafficking, organized crime, child exploitation, sanctions evasion, and other illicit conduct.

Those objections add to the list of issues lawmakers are weighing as the CLARITY Act enters what Lummis described as its final public review phase before Senate consideration.

Ripple won a regulatory milestone in Japan this week — but it needed a rival blockchain to do it.

Earlier today, SBI VC Trade, a crypto arm of the $11 billion Japanese financial giant SBI Holdings, listed Ripple’s dollar-pegged stablecoin for trading, heralding it as the country’s first “Type 4 electronic payment instrument” under Japan’s revised Payment Services Act.

However, the only Ripple USD (RLUSD) tokens that SBI traders in Japan can deposit or withdraw are on the Ethereum blockchain.

The irony is rich. Ethereum is the primary competitor of the XRP Ledger (XRPL), the blockchain that Ripple incubated.

The Japanese approval of RLUSD as its first Type 4 instrument is unambiguous. The supported chain is Ethereum, and RLUSD on any other chain will not be accepted for deposit, including XRPL-based RLUSD.

Additional blockchains could earn approval in the future, although regulators have not specified any particular timeline for review. 

Type 4 electronic payment method

Japan’s 2023 amendments to its Payment Services Act created a dedicated regulatory bucket for fiat-pegged stablecoins.

These “electronic payment instruments” separated digital money-type tokens from ordinary crypto assets like ether or XRP, which aren’t pegged in value to any fiat currency.

Pursuant to Article 2 of the act, Type 1 instruments include currency-denominated value usable for payment to and tradable with unspecified persons, Type 2 covers value instantly exchangeable with Type 1, and Type 3 covers instruments with specific trust beneficiary rights. 

Type 4 is a residual, catch-all slot for property value designated, by cabinet office ordinance, as otherwise equivalent in value to the first three categories.

It’s the bucket regulators can reach for when an instrument doesn’t fit cleanly anywhere else.

That residual quality explains the awkward legal footnote in SBI VC Trade’s own announcement. The RLUSD token is not a trust beneficiary right under US law, the company noted, yet SBI workers were able to help it gain Type 4 classification for Japanese purposes anyway after establishing its financial equivalencies to the USD to the satisfaction of regulators.

The Type 4 label is as much a classification as a regulatory admission that Ethereum has some superiority over the XRPL.

RLUSD didn’t slot neatly into the three main categories, but thanks to the help of Ethereum, it was able to gain a catch-all designation.

It’s issued by Standard Custody & Trust Company, a New York-chartered Ripple subsidiary, and is backed by dollar deposits and short-term Treasuries subject to monthly, third-party attestations.

It’s the second dollar stablecoin on the SBI VCTRADE platform, which has handled Circle’s USDC since March 2025. USDC is a Type 3 instrument in Japan.

An XRP milestone using Ethereum

Still, XRP influencers framed the event as a win. RLUSD started trending on X.

The president of SBI VC Trade billed the listing as a milestone and credited Ripple Labs for the momentous occasion. 

Jack McDonald, Ripple’s senior vice president for stablecoins, praised Japan’s regulatory clarity and applauded RLUSD’s ability to link Japanese institutions with global liquidity.

Neither executive dwelt on which blockchain was actually linking up the liquidity.

“They launched this one on ETHEREUM,” one account posted in reply to celebratory coverage. 

A separate post highlighted the fine print on the approval. RLUSD is live “on Ethereum ONLY” as a Japanese Type 4 electronic payment instrument and capped at roughly $6,200 per transaction, a ceiling that matches the 1 million yen per-transaction limit set in SBI VC Trade’s own announcement.

Most of RLUSD already lives on Ethereum

The Japanese listing isn’t an anomaly. Indeed, despite being a Ripple project, the majority of RLUSD tokens have historically existed outside of the XRPL. 

As Protos reported on June 15, around $879 million of the token in circulation was parked on Ethereum, ahead of roughly $760 million on the XRP Ledger.