Cryptocurrency traders have been preparing for a collapse this week, but Bitcoin is not doing as well.

There was little sign that traders had pre-arranged their positions prior to the bill's vote, and Kooner said there would not have been much of a need for clearing up as participants in betting passed the bill. The far reaching impact is that the industry still lacks a clear legal framework and regulatory uncertainty has been further extended.

Despite the fact that a procedural vote in the Senate failed by 49 votes to 50 and triggered an acrimonious round of liquidation, spot prices remained resilient. Within 24 hours after the vote, cryptocurrency traders who held bearish futures positions were hit with $571 million in liquidation.

Prospects for price consolidation and regulation remain positive

NEXO Dispatch analyst Ilya Kalchev believes that Bitcoin is still recovering after the Clarity Act vote, Fed rate hikes and multi-headed liquidation events, indicating a market preference for consolidation rather than an immediate breakout.

The next move for the Bitcoin is currently dependent on a catalyst that does not yet exist, and Kalchev said there has been no real re-pricing of lithium this month without digesting successive triple shocks.