Bitcoin News Today: Bitcoin Surges 2% to $119,000 Despite GENIUS Act Push

Bitcoin's price has surged past $119,000, marking a significant milestone despite the regulatory push from the GENIUS Act. This surge has formed bullish technical patterns, including a bull pennant and an inverse head and shoulders, indicating a strong upward momentum. The cryptocurrency's price action has been particularly dynamic, with a confirmed break above $119,000 potentially targeting levels between $122,000 and $124,500. However, failure to hold above $116,000 could risk retesting levels around $112,000.

The recent price action has shown some signs of sluggishness after reaching an all-time high of $122,838 on July 14. This has led to a rejection at the $119,000 and $120,000 levels, leaving one more gap to be filled. Technical indicators suggest that Bitcoin is showing strong upward moves, surpassing both the 25-hour and 50-hour moving averages. This has sparked optimism among traders and analysts, who are closely monitoring the cryptocurrency's next move.

Bitcoin started the week trading around $118,000 and quickly surged to set a new all-time high at $122,091. This impressive surge has ignited a frenzy in the market, with many enthusiasts predicting a potential retracement toward $111,000–$114,000 before the next leg to $170,000–$200,000 unfolds. The cryptocurrency is currently holding strong above $118,000, forming higher lows with momentum building near resistance. A breakout above $118,500 could push Bitcoin into the $120,000 zone, further solidifying its bullish trend.

While Bitcoin has been the focus of attention, other cryptocurrencies like Litecoin have also shown significant gains. Litecoin surged by more than 10%, stealing the spotlight with a double-digit rally as Bitcoin treads water near the $118,000 mark. This highlights the dynamic nature of the cryptocurrency market, where altcoins refuse to be sidelined and continue to make their presence felt.