Bitcoin Steady at $118K Ahead of U.S. Crypto Law Vote
Bitcoin Price Today: Holds Steady Around $118K Ahead of Key U.S. Crypto Legislation Vote
FUNDAMENTAL OVERVIEW:
Bitcoin remained steady on Wednesday after pulling back from record highs, as investors kept a close watch on progress surrounding key U.S. cryptocurrency legislation following an initial setback in the House of Representatives.
The cryptocurrency had surged past $123,000 on Monday, fuelled by increased institutional interest and optimism that upcoming U.S. bills could finally deliver regulatory clarity for digital assets. However, it slipped below $116,000 in the previous session, pressured by profit-taking and renewed concerns over U.S. trade tariffs.
Much of the earlier momentum was tied to “Crypto Week” in Congress, which features three major proposals—addressing stablecoin oversight, digital asset regulation, and a ban on a Federal Reserve-issued digital currency.
Tuesday’s U.S. CPI data showed a 0.3% monthly increase in June, up from 0.1% in May, suggesting initial inflationary effects from President Trump’s tariffs. Fed Chair Jerome Powell warned that inflation could continue rising through summer, likely delaying any interest rate cuts.
Adding to investor caution, Trump maintained a firm stance on new tariffs ahead of the August 1 deadline, heightening uncertainty across markets.
BITCOIN TECHNICAL ANALYSIS DAILY CHART:
Technical Overview:
Bitcoin is trading within a up channel.
Bitcoin is moving above all the Moving Averages (SMA).
The Relative Strength Index (RSI) is in Buying Zone, while the Stochastic oscillator suggests Neutral trend.
Immediate Resistance level: 119970
Immediate support level: 115643
HOW TO TRADE BITCOIN
On the higher time frame, Bitcoin experienced a sharp rally followed by a period of consolidation within a significant range. Recently, it broke out to the upside with strong bullish momentum, marking a new all-time high. Currently, the price is undergoing a pullback toward its support zone. If this support holds and Bitcoin remains above it, the upward trend could likely resume.
