Bitcoin advanced 10.52% to $71,750 on Thursday, extending a weekly gain of nearly 13% after President Trump met with crypto industry leaders at the White House. The surge pushed the digital asset to an intraday high of $72,496, up from Tuesday's close of $64,920.
The move followed the release of a 402-page SEC proposal titled Regulation Crypto Assets on Monday, which outlined potential frameworks for digital asset oversight. Senate Majority Leader John Thune has scheduled a cloture vote on the CLARITY Act for September 15, signaling potential legislative momentum for crypto regulation.
Market liquidation data showed a record $2.7 billion in Bitcoin short positions unwound in a single day, including over $1 billion in roughly one hour on Tuesday. The liquidation wave coincided with the White House meeting, where Trump urged Congress to pass the CLARITY Act, a bill aimed at clarifying the regulatory status of digital assets.
Crypto-linked equities also reflected the market optimism, with Coinbase rising 7.6% and MicroStrategy gaining 7.8%. Technical indicators showed strong buying signals, though the Relative Strength Index on the daily chart reached 78.3, indicating overbought conditions.
Bitcoin remained 43% below its 52-week high of $126,110, set in March, and down 18.22% year-to-date. The asset's volatility persisted despite the recent gains, with support seen near $65,703 and resistance at $71,547.
