The pioneer cryptocurrency, Bitcoin, traded at $119,297 during Wednesday’s U.S. market hours, with an intraday gain of 1.36%. The buying pressure likely followed the U.S. House advancing two pivotal crypto-related bills—the GENIUS stablecoin bill and the Digital Asset Market Clarity Act (Clarity)—to proceed to a final vote. Currently, the BTC price is showcasing a steady recovery, rechallenging the all-time high resistance of $123,236.
U.S. House Clears Key Hurdle for Crypto Bills
On Wednesday, July 16, the U.S. House of Representatives voted 215-211 to approve a procedural motion that advances the two crypto-related bills—the GENIUS Stablecoin Bill and the Digital Asset Market Clarity Act (Clarity Act)—into final voting.
The narrow but decisive vote signals a renewed bipartisan effort to provide long-awaited regulatory clarity for digital assets in the United States.
The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS Act), which would create a regulatory framework for stablecoins, has already passed the Senate and could be sent to President Donald Trump’s desk for signing later this week.
Furthermore, the lawmaker has also voted to proceed with the Digital Asset Market Clarity Act, dubbed “Clarity Act,” which adopts a “whole-of-crypto” approach by establishing clear regulatory roles for digital assets, including the designation of oversight responsibilities between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Lastly, the third bill that aims to prevent the Federal Reserve from issuing a central bank digital currency (CBDC) without congressional approval is also being lined up for discussion. Lawmakers are expected to hold final votes on both bills in the coming days.
The market has responded positively to the news as investor confidence surges in the hope that regulatory uncertainties will be lifted in the United States, marking a major milestone.
Bitcoin Price at Last Line of Defence Before a New High
On Tuesday, House lawmakers voted against moving forward with voting on three crypto bills, which triggered notable selling pressure in the crypto market. Following the momentum, the Bitcoin price exhibited a bearish breakdown from the $116,650 support on the four-hour chart, signaling a continued correction. However, the price reverted immediately, potentially trapping the hasty sellers in the market.
This bear trap pushed the coin price 3.53% higher, currently trading at $119,812. The renewed recovery is now challenging the immediate resistance of $120,000 for a breakout, as it could flip into a suitable support for further rally.
However, the low-volume action backing this recovery indicates weakness, and therefore, the Bitcoin price could show a short pullback to $118,437 to validate its sustainability for the aforementioned breakout.
If successful, the coin price could push for a new high above $123,236.
On the contrary, if the price is rejected below the ATH barrier, the asset could enter a short-term consolidation.
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