Bitcoin News Today: Bitcoin Dips Below $120,000 Despite US Crypto Bills Approval

Bitcoin (BTC) has been experiencing a tumultuous period, struggling to maintain its position above $120,000. The cryptocurrency briefly crossed this threshold during the ongoing session, reaching an intraday high of $120,800, but failed to sustain the momentum and fell back to its current level of $118,970. Despite this, BTC remains marginally up over the past 24 hours.

The regulatory environment in the United States has been a significant factor in Bitcoin's recent price movements. The US House of Representatives cleared three crucial bills aimed at creating a clear regulatory framework for cryptocurrencies. These bills include the GENIUS Act, which focuses on stablecoins, the CLARITY Act, which aims to define the market structure for cryptocurrencies, and the Anti-CBDC Surveillance State Act, which prohibits the Federal Reserve from creating its own CBDC without congressional approval. These developments have buoyed the market, with BTC and other cryptocurrencies trading in positive territory.

Additionally, there have been reports suggesting that President Trump intends to sign an executive order to open up the retirement market to alternative investment avenues, including cryptocurrencies. Economist Mohit Kumar stated that the regulatory environment remains supportive, indicating further upside in crypto assets. However, it is important to note that White House spokesperson Kush Desai clarified that no decisions should be deemed official unless they come directly from President Trump.

Another significant development is the movement of a large amount of Bitcoin by a long-dormant Satoshi-era whale. This whale moved their entire stash of 80,000 BTC to trading desks, with the final tranche of 40,191 BTC moved to Galaxy Digital. While sending crypto to exchanges or trading desks does not confirm a sale, large amounts such as this are typically held in cold wallets, leading market watchers to believe a sale is imminent. The whale began moving their Bitcoin on July 4, sending the tokens to a new wallet address and subsequently rerouting them to various exchanges, suggesting potential offloading.

Despite these developments, Bitcoin's rally is taking a breather after Monday’s unprecedented push above $123,000. The flagship cryptocurrency reached an intraday high of $123,091 on Monday but has failed to reclaim $120,000 since Tuesday’s decline. However, on-chain data suggests that the bulls are not ceding ground to the bears and have held their positions, prompting analysts to predict that the uptrend will resume. Spot Bitcoin ETFs have also continued their inflow streak, recording $799 million in inflows on Wednesday, their 10th successive day of inflows. Spot Bitcoin ETFs have registered inflows of over $5.2 billion since July 2.

Analysts attribute BTC’s recovery to the US House of Representatives clearing three key crypto bills aimed at creating a clear regulatory framework for the crypto industry. The landmark bills were approved on Thursday, setting the stage for a clear regulatory framework for digital assets. The key piece of legislation, the GENIUS Act, sailed through the House with a 308-122 vote in favor. The bill was approved by the Senate in June. The other bills that cleared the House are the CLARITY Act and the Anti-CBDC Surveillance State Act. The CLARITY Act defines whether cryptocurrencies fall under the jurisdiction of the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC). Meanwhile, the Anti-CBDC Surveillance State Act prohibits the Federal Reserve from creating its own CBDC without prior approval from Congress.

Bitcoin's price movements over the past week have been volatile. It started the previous week in the red, dropping 0.88% to $108,273. It recovered on Tuesday, rising 0.62% to $108,942. Buyers retained control on Wednesday as the price rose over 2% to cross $111,000 and settle at $111,255. Bullish sentiment intensified on Thursday as the price rose 3.51%, crossing $115,000 and settling at $115,159. Price action remained positive on Friday as BTC rose 1.50% and settled at $116,885. Despite the positive sentiment, BTC lost momentum on Saturday, registering a marginal decline and settling at $116,616. The price recovered on Sunday, rising nearly 2% to cross $118,000 and settle at $118,624.

BTC raced past $123,000 on Monday, surging to a new all-time high of $123,091. However, it could not stay at this level and settled at $119,714, ultimately registering an increase of 0.92%. The price fell to an intraday low of $115,701 on Tuesday as selling pressure intensified. However, it recovered from this level and settled at $117,682, a drop of nearly 2%. BTC rose 0.82% on Wednesday and settled at $118,641. The price reached an intraday high of $120,812 on Thursday. However, it could not stay at this level and settled at $119,101. The current session sees BTC marginally up, trading around $119,386.