On Thursday, July 17th, the crypto market witnessed heightened volatility as the U.S. House of Representatives passed the long-awaited three crypto bills. While Bitcoin rallied in the initial hours following the announcement, the price action later showed a sharp reversal, signaling intense overhead supply. Will the pullback recuperate the bullish momentum for next breakout?
U.S. House Clears Key Hurdle for Crypto Bills
On July 17th, the U.S. House of Representatives passed three crypto bills—the CLARITY Act, the GENIUS Act, and the Anti-CBDC Act—marking a crucial legislative move to regulate digital assets in the United States.
The Genus Act is now heading to President Donald Trump’s desk to become the first major piece of crypto legislation signed into law. Despite the last few days of uncertainty, the Democrats and Republicans voted in a much more bipartisan fashion than many analysts expected.
The CLARITY Act passed with a vote of 294-134, including 78 Democrats voting in favor, more than doubling the 35 votes expected. The numbers also surpass the 71 Democrats who backed the passage of the FIT21 bill last year.
The GENIUS Act gained even broader support, passing with a commanding 308-122 votes, with 102 Democrats voting in favor. Lastly, the Anti-CBDC Act received narrow approval with 219 votes in favor and 210 votes against, with two Democrats voting in favor.
The signing ceremony for the GENIUS Act is set for tomorrow afternoon at the White House.
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Bitcoin Price Steady Rally within Channel
Over the past 48 hours, the Bitcoin price has shown a notable bounce, rising from $115,730 to a current trading price of $119,856, representing a 3.57% gain. This upswing is validated as a fake breakdown from the $116,000 level and bolstered buyers with renewed recovery.
Amidst regulatory developments, the coin price teased a bullish breakout of the $120,000 barrier during Thursday’s U.S. market hours. A deeper analysis of the four-hour chart shows the current recovery is resonating within two parallel trendlines, indicating the formation of a channel pattern. These trendlines serve as dynamic support and resistance, helping the price drive a sustained recovery towards the recent high of $123,217.
On the contrary, a breakdown below the pattern’s lower trendline will accelerate the selling and signal a renewed correction trend.
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