Citi said on its strategy program that the Senate’s failure to advance the CLARITY Act to formal consideration does not block a Bitcoin rebound, as funds shift from relying on a single legislative milestone to focusing on regulatory progress. In the short term, CFTC regulatory authorization may be limited, while the SEC can advance some rules under its existing authority. Market attention will focus on the SEC’s actual pace of implementation for trading, tokenized assets, and market access. The macroeconomic environment remains a variable for Bitcoin’s rebound: if AI-driven growth continues and employment and wage pressures keep interest rates under pressure, the rate path still faces upside risks. BTC moving above its medium-term moving average is viewed as a sign of recovering risk appetite, and its correlation with the Nasdaq warrants attention.