$BTC Down 20% and Everyone Blames the Clarity Act. Here Is the Real Reason.

Bitcoin is down around 25% since the Clarity Act cleared the Banking Committee, and I keep seeing people call this an early sign the Senate is about to reject it. I do not buy that, and here is my honest take.
The Act has not been rejected. If anything it moved forward. On June 1 it was placed on the Senate Legislative Calendar, which simply means it is now in line for a full floor vote. That is the bill making progress, not dying.
So why is price bleeding? To me it is pretty clear. The ETFs have pulled out for 13 days straight, ~$4.4B gone with not a single green day. That was the main buyer all year, and once it stepped away the market lost its support. On top of that, a Strategy sale rattled people, money rotated into stocks and AI names, and a tough Fed plus Middle East tension pushed everyone away from risk.
I keep hearing the suppression and accumulation story too, big players forcing price down to buy cheap before regulation passes. Honestly, I do not see it on chain. What I see is outflows and forced selling, not quiet buying. So I am staying away from that narrative until the data actually backs it.
The only real risk I see for the Act is the Senate calendar being tight, not a rejection.
On levels, 65K and 70K already broke and now act as resistance. I am watching 60K closely. If 60K goes, 50K is on the table. RSI is deeply oversold though, so I would not be shocked by a sharp bounce here.
My view stays the same. This drop is liquidity and macro, not a Senate rejection. Keep the two stories separate and you will read this market better than most.
TA Only. Not Financial Advice. ALWAYS DYOR.