Woofun AI reports that Bitcoin (BTC) briefly touched $70,000 on Wednesday, a milestone not seen since June 2nd on Coinbase, driven by President Donald Trump's push for crypto market-structure legislation and improved Treasury market liquidity.

The White House gathering of crypto and technology executives served as the political catalyst, where Trump urged Congress to 'take the next step' and pass a 'fair version' of the Digital Asset Market Clarity Act. Representatives from Coinbase, Gemini, Ripple, and Chainlink Labs attended the event, underscoring industry alignment with the administration's goals. This political momentum coincided with Bitcoin rising more than 7% in the last 24 hours, reflecting immediate market responsiveness to the regulatory clarity signals.

Structurally, Treasury Secretary Scott Bessent doubled the size of bond buyback operations, a move traders interpreted as a potential backstop for liquidity in the $30 trillion Treasury market. This intervention aims to ease financial conditions and support risk assets like Bitcoin. On the legislative front, Banking Committee Chairman Tim Scott indicated at the SALT conference on Tuesday that the bill has a good chance of advancing in September. A procedural vote is scheduled for Sept. 15, allowing lawmakers time to resolve disagreements over crypto rewards, decentralized finance, and ethics provisions.

Woofun AI data shows that the rally pushed Bitcoin above key technical levels monitored throughout August. Market technician Aksel Kibar identified an inverse 'head-and-shoulders' pattern forming since the June lows, with a neckline near $66,600. A confirmed break above this level points to a potential move toward $76,000, validating the bullish technical structure despite short-term volatility.

However, Wednesday's Federal Reserve minutes introduced headwinds for bulls. While most officials backed keeping rates unchanged at the July meeting, several favored a hike if inflation failed to fall. Although officials expect inflation to ease as tariffs and energy price increases fade, they view upside risks as dominant. This leaves the possibility of higher rates hanging over Bitcoin's breakout, tempering the optimistic outlook.