Bitcoin News Today: Bitcoin Surges 31% to $118,000 Despite GENIUS Act

Generated by AI AgentCoin World
Sunday, Jul 20, 2025 10:21 pm ET1min read
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Aime RobotAime Summary

- Bitcoin surged past $118,000 despite the GENIUS Act's regulatory push, forming bullish technical patterns like a bull pennant and inverse head and shoulders.

- Institutional adoption and retail investor demand drove the 31% rally from $90,000, triggering $1.1 billion in short liquidations and minimal downward pressure.

- Market data shows Bitcoin's 24-hour decline narrowed to 0.28%, with a 0.27% rebound above $118,000 reinforcing its bullish momentum.

- Speculation about Bitcoin's creator surpassing Elon Musk in wealth remains unconfirmed, as the identity of Satoshi Nakamoto remains unknown.

Bitcoin's price has surged past $118,000, marking a significant milestone in its recent bullish momentum. Despite the signing of the GENIUS Act, which aims to impose stricter regulations on cryptocurrencies,

Bitcoin
has managed to hold above this threshold. Technical indicators suggest that the upward trend is likely to continue, with the formation of a bull pennant pattern near the 10-day moving average. This pattern, which follows a confirmed inverse head and shoulders formation, indicates a strong bullish sentiment among investors.

The surge in Bitcoin's price from $90,000 to $118,000 has been driven by a combination of factors, including increased institutional adoption and a growing interest from retail investors. The recent all-time high of $118,000 was reached on Friday, as a flood of money continued to move into spot Bitcoin. This surge has also triggered a record $1.1 billion in short bets, wiping out over $1 billion in short positions.

The bullish momentum in Bitcoin's price has been further supported by the narrowing of its 24-hour decrease, which stood at 0.28% according to market data. This indicates that the downward pressure on Bitcoin's price has been minimal, and the overall trend remains bullish. The price has since rebounded above $118,000, with a 24-hour gain of 0.27%.

The recent surge in Bitcoin's price has also led to speculation about the identity of its creator, with some analysts suggesting that the mystery creator could surpass Elon Musk as the richest person in the world. However, this remains purely speculative, as the true identity of Bitcoin's creator is still unknown.