Bitcoin pulled back to the ~$94–95k range after tagging ~$97k earlier this week. What changed? Not demand. Not structure. Narratives. • Senate delays the CLARITY Act after Brian Armstrong publicly rejects the bill → short-term regulatory uncertainty resurfaces • Macro weakens (stocks + metals red) → risk gets de-levered • Breakout attempt pauses after a fast move → classic consolidation Meanwhile, under the surface: • Spot BTC ETFs still absorbing size on dips • Miners aren’t distributing aggressively • Institutional positioning hasn’t unwound • 2026 targets and adoption narratives haven’t moved This isn’t a trend reversal. It’s digestion + politics + patience being tested. Bitcoin doesn’t top on hesitation, it tops on euphoria. This isn’t that. Positioning beats reacting. #Bitcoin #BTC
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