Bitcoin Price Holds $95K as Goldman CEO Says Clarity Act Has ‘Long Way to Go’

After crossing the $94,000 level this week, the Bitcoin price is now consolidating above the $95,000 area. BTC is now trading at $95,167 as of 1:03 a.m. EST, down nearly 1% in the last 24 hours, on trading volume that plunged 43% to $31.7 billion.

This comes as the crypto market remained unchanged in the last 24 hours, edging down just a fraction of a percentage to a $3.31 trillion market capitalization.

Meanwhile, Goldman Sachs says the Clarity Act has a long way to go, and spot BTC exchange-traded funds (ETFs) recorded the first outflow this week.

Goldman Sachs CEO Says CLARITY Act ‘Has a Long Way To Go‘

According to David Solomon, CEO of banking giant Goldman Sachs says that the pending digital asset market structure legislation has a long way to go before the bill progresses.

“That bill, based on the news over the last 24 hours, has a long way to go before that bill is going to progress,” said Solomon. “But I do think these innovations are important.”

The bill’s markup was scheduled for Thursday, January 15, but was postponed after Coinbase said it would no longer support the legislation as written.

Therefore, Goldman Sachs’ remarks come as pressure intensifies from banks, cryptocurrency exchanges, and companies involved in decentralized finance, pushing for amendments in the Clarity Act to suit their interests and those of their users.

For instance, Coinbase voiced concerns about how the US Securities and Exchange Commission (SEC) will handle tokenized equities and stablecoin rewards.

After the delay, economists are still waiting for a communication, as the bill would usher in the most consequential regulatory restructuring of US financial markets.

Bitcoin Spot ETFs See Outflows

Bitcoin spot ETFs experienced a significant net outflow of $395 million on January 16, according to SoSoValue data. Notably, BlackRock’s IBIT was the only Bitcoin ETF to record a net inflow.

The outflow on January 16 is the first one this week, which may be pushed by the price pulling back from the $96,000 area.

BTC Holds Key Support as Bulls Target Higher Levels

Bitcoin price is currently consolidating near the $95,100 region, holding above the ascending trendline support around $89,000, which BTC has respected several times.

This rebound was driven by strong demand emerging from the $88,000–$90,000 demand zone, where buyers consistently stepped in to defend the BTC price.

As a result, BTC has reclaimed and is trading above the 50-day Simple Moving Average (SMA) at $90,205, reinforcing the short-term bullish outlook. However, the 200-day SMA at $105,896 remains a major overhead resistance, indicating that the broader trend is still under pressure unless this level is decisively broken.

Bitcoin’s Relative Strength Index (RSI) is currently around 62.3, hovering just below the overbought threshold. This suggests that bullish momentum is strong but not exhausted, giving the price room for further upside before overheating conditions appear.

Meanwhile, price action reflects a series of higher lows, supported by the rising trendline, which signals improving market structure and weakening selling pressure.

BTC/USD Chart Analysis Source: TradingView

From the 1-day BTC/USD chart perspective, Bitcoin could attempt a move toward the $97,000–$98,000 resistance zone. If the bullish rally continues, the next key target is around the $100,000 level, followed by the 200-day SMA around $105,900.

Conversely, a pullback could see BTC retest the $90,200 (50-day SMA) or the ascending trendline support near $88,000–$89,000.