Bitcoin News Today: Bitcoin Reclaims $119k on 1.50% Daily Gain Amid GENIUS Act Hopes

Bitcoin's recent price movements have been marked by significant volatility, with the cryptocurrency bouncing off a low of approximately $117,000. This rebound, coupled with heavy bid stacking, suggests that bullish sentiment remains strong. The 1.32% intraday bounce from the previous day's close indicates that a confirmed local top has not yet been reached. The $90 million short liquidity grab at $118,139 added momentum, with bulls clearly eyeing upside liquidity. However, the $800 million in Tether outflows suggests some risk-off rotation is in play.

This push-pull dynamic could actually favor the bulls if timed correctly. Approximately $44 million in leveraged positions clustered around $120,300 act as a magnet for the price. The GENIUS Act, which is back in the spotlight, is seen as a legitimate bullish catalyst. Trump's renewed push and confirmation of its likely passage have given the market a much-needed dose of regulatory clarity. Bitcoin front-ran the sentiment, reclaiming $119k with a clean 1.50% daily candle. However, it is still too early to call a local bottom, as it could still be a dead cat bounce.

Glassnode data shows that around 196,000 BTC, roughly $23 billion, were scooped up in the $116k-$118k range during the dip. This is nearly 8 times more than the BTC realized in profit since the all-time high. While it is still premature to call a confirmed floor, this kind of bid-side stacking has historically front-run breakout rallies, especially if follow-through volume kicks in. The macro catalyst of the GENIUS Act heading to the House floor adds to the bullish sentiment. If bulls ride the momentum, the combo of structural demand and regulatory clarity could be the trigger that drives Bitcoin through overhead liquidity and kicks off the next leg higher.

The move into stablecoins initially looked like classic risk-off behavior. However, with spot bids picking back up, it is shaping up more like strategic sidelining than full-blown de-risking. The $800 million parked in USDT might already be rotating back in, with net spot demand creeping higher after a brief cooldown. While it is still too early to call it a full-blown accumulation phase, with "Crypto Week" in motion, solid bid support under BTC, and traders hedging with precision, this chop could be setting up as a launchpad. If Trump's momentum sticks, another upside liquidity sweep could occur, with the bias starting to tilt toward a push over a pullback.