Bitcoin
August 29, 2026
Bitcoin Price Retracement: BTC Drops to $77K as $200M in Leveraged Positions Get Wiped Out
- Bitcoin August rally has put BTC on track for its strongest August since 2017
- Brian Armstrong CLARITY push is bringing the bill back into focus as he highlights its potential to protect consumers and support the broader crypto industry
- Bitcoin September could test whether the current rally can continue as investors watch BTC’s next move after its strong August performance
he Bitcoin August rally has surpassed expectations, surprising the crypto domain in its entirety. The asset has surged 23% this month, breaking through obstacles to briefly hit the $80K mark. August has usually been a bearish month for the asset. However, this label has now been challenged, as August 2026 has put Bitcoin on track for its most bullish August since 2017. In addition to this, the Bitcoin price surge is also bringing the CLARITY Act into focus. September brings a crucial cloture vote on the legislation. Coinbase CEO Brian Armstrong is once again urging the Senate to move the act forward, stating its plethora of benefits. Will Bitcoin’s September price be as bullish as this month?
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Bitcoin August Rally Breaks a Historically Bearish Pattern
The crypto X is full of Bitcoin August rally points. The asset has broken a major August curse. The month has proven bearish for the asset most of the time. However, Bitcoin has broken the odds to post one of its strongest August performances. Between 2013 and 2025, there have been only four instances in which Bitcoin delivered positive August returns. This record has now been challenged.
Bitcoin has managed to gain 23% this month, putting the month as one of the best for Bitcoin. The recent BTC price path helped the asset briefly touch the $80K mark, paving the markets to anticipate an even better Bitcoin September outlook. The final August return may differ depending on where Bitcoin closes the month.
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Brian Armstrong Puts CLARITY Act Back Into Focus
Bitcoin’s September outlook now has another major catalyst to watch. The CLARITY Act’s next major Senate test is scheduled for September, with a cloture vote on the motion to proceed expected on September 15. The vote would be a procedural step toward formally considering the legislation rather than a final vote on whether the bill becomes law.
In this process, a new video of Brian Armstrong, CEO of Coinbase, has surfaced, in which Armstrong can be seen talking about the benefits of the CLARITY Act.
Armstrong shared how the act is needed to secure crypto consumers in America and that it will help expedite the prosperity of the entire sector.
“The President very astutely recognized there are millions of Americans who felt disenfranchised by the prior administration’s attack on crypto. It’s time to get the Clarity Act, which will protect consumers, over the finish line. There is something in it for everyone: banks, law enforcement, crypto companies, and most importantly the American people.”
The US crypto legislation packaged as the CLARITY Act will establish clearer rules for the domain if it manages to pass. President Donald Trump has also supported the bill publicly. The bill will help establish clearer guidelines for crypto legislation in the US. The CLARITY Act passing narrative may also become one of the factors influencing the Bitcoin September price outlook. However, BTC’s performance will also depend on broader market conditions.
What Does the Passing of the CLARITY Act Mean for Crypto?
Renewed interest in the asset has largely supported the Bitcoin August price rally. For the crypto industry, the CLARITY Act passing is a significant event to take note of. The crypto industry has been a victim of many market uncertainties. The need for having clear US crypto legislation will help the domain reduce some of this uncertainty, giving it a standard framework to function in.
There have been instances where confusion regarding which asset will fall under the commodity or securities categories has risen. The standard framework under the CLARITY Act may eventually help the domain work strategically. It may make it easier for financial institutions to explore digital assets. However, the bill still needs to clear the Senate and House legislative process before it can become law. September’s vote should not be treated as the final step.
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