Three Things to Know
Kevin O'Leary said institutions are holding back from crypto until Congress passes clearer rules.
Bitcoin's chart shows sellers still leading, with price stuck under both major moving averages.
The 200-day average is the line buyers must reclaim before the trend can turn.
Kevin O'Leary blamed the crypto sell-off on stalled institutional adoption, saying companies want regulatory clarity before they commit. The investor pointed to the CLARITY Act as the missing piece.
That matters for Bitcoin because big buyers drive lasting rallies, and the bill faces a tougher Congress after the midterms. Traders want to know if price can find support on its own while Washington stays stuck.
O'Leary Points to Washington for the Sell-Off
The "Shark Tank" investor made the case in a FINTECH TV interview on Nov 11, later shared on X. He described broad hesitation among institutions across the market.
"Adoption of stablecoins and blockchain across institutions has stalled because companies are still waiting for regulatory clarity," O'Leary said.
He argued the CLARITY Act must pass before large players commit. He called the GENIUS Act "a start." His own holding companies already use USDC for treasury management and cross-border settlements. Many other firms remain on the sidelines until the rules are clearer.
The odds of that happening soon look thin. The bill failed a key Senate vote in September, falling short of the 60 votes it needed. O'Leary predicted last week that it would pass in 2027. Bettors on Kalshi put that chance at just 25%. The Democrats' midterm win and takeover of Congress could slow the bill even further.
Bitcoin Trades Under Both Averages as Buyers Stay Away
Bitcoin (BTC) daily price with the nearest support (green) and resistance (red). Source: TradingView
Bitcoin's chart tells a story that fits O'Leary's view. The coin traded near $73,000 on Thursday, below both of the moving averages that traders watch most closely. A moving average smooths out daily swings to show the underlying trend.
The 50-day average sits near $79,000. The 200-day average is lower, around $76,000. Price is under both, and the shorter average is above the longer one. Each line now acts as a ceiling that sellers can lean on during any bounce. That setup points to a market where big buyers are holding back, much like the sidelined companies O'Leary described.
Losses have built up slowly. Bitcoin is down about 9% over the past week and roughly 10% over the past month. Most of the monthly decline came in the last seven days, so the pressure is picking up. Sellers have kept chipping away while fresh demand failed to show up.
Trading over the past day was flat. That reads as a pause after a hard week, and the chart does not yet show a turn.
A move back above the 200-day average would be the first real sign of returning demand. Holding there would show buyers absorbing supply at higher prices. Until that happens, the trend belongs to sellers, and rallies are likely to meet resistance.
Selling Pressure Fades but Has Not Flipped
RSI, a 0 to 100 gauge of momentum, sits at 34 on the daily chart. That is weak, but it has not yet dropped below 30, the usual oversold line. In plain terms, sellers still have room to push before the market looks stretched enough to force a bounce.
Other momentum signals lean the same way. The MACD, which compares short and long-term price trends, remains below its signal line. That means momentum is still pointing down, even after the flat session.
Trend strength readings show a move taking shape, and sellers are the ones leading it. A trend that is only forming can still fade. For now, though, it favors the bears.
The selling has slowed, but buyers have not taken over.
$76K Overhead and $63K Below Frame the Range
Resistance and the 200-day average sit at the same level. That overlap makes the zone harder to clear, because chart sellers and trend followers both tend to act there. A daily close above it would open the way toward the next ceiling near $80,000.
Below current prices, the picture looks thinner. The nearest support sits around $63,000, with no floor above it and no second shelf beneath it. If buyers fail to hold the current range, the slide could move quickly through empty space.
A break below that level would confirm what the momentum readings already hint at. Sellers would own the trend outright. It would also give sidelined institutions one more reason to wait for clearer rules before stepping in.
What Would Turn the Next 72 Hours
Two clear triggers will decide which way Bitcoin breaks over the next three days.
Bullish: A daily close above resistance at the 200-day average would put the next ceiling in play. Buyers would finally be absorbing supply. A drop back under $73K would cancel this setup and hand control back to sellers.
Bearish: A rejection at that same ceiling would send price back toward the nearest support. That would extend the weekly slide. A close above $80K would invalidate this view and suggest the selling has run its course.
Regulation Holds the Key Bitcoin's Chart Is Waiting For
Two things could change that: a reclaim of the 200-day average, or a signal from Washington that gives institutions a reason to come back. O'Leary's own forecast leans on a bill that markets doubt. Fresh setbacks in Congress could drag price toward the lower support faster than chart readers expect.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.