Bitcoin News Today: U.S. House Passes Three Key Cryptocurrency Bills, Bitcoin Consolidates

The U.S. House of Representatives has made significant progress in advancing cryptocurrency regulation by passing three key bills. The GENIUS Act, the CLARITY Act, and the Anti-CBDC Act were approved in a procedural vote with 215 votes in favor and 211 against. This development marks a crucial step forward in establishing a comprehensive regulatory framework for cryptocurrencies in the United States. The bills are now set to move to the formal debate and voting stage, with a final vote potentially occurring as early as this week. This legislative progress is seen as a positive development for the cryptocurrency market, as it provides a clearer regulatory environment that could boost investor confidence.

According to the Fed's Beige Book, the economic outlook remains neutral to slightly pessimistic. Most regions anticipate that economic growth will either remain steady or weaken, with only a few predicting expansion. This economic uncertainty, coupled with the positive policy developments in cryptocurrency regulation, is influencing the market dynamics. The market is currently experiencing sideways trading, with Bitcoin (BTC) consolidating its strength. This consolidation is seen as a positive sign, as it allows the market to build a solid foundation before potential upward movements.

Bitunix analysts recommend maintaining a range-bound consolidation strategy for BTC. The positive policy developments and economic uncertainty are expected to support this strategy. If the U.S. House of Representatives passes the relevant bills this week, it is anticipated to inject further confidence into the market. In the short term, the support level for BTC is eyed at $116,300, with short-term pressure at $121,000. If the support level is breached, it is advisable to step aside and observe, avoiding the temptation to chase higher prices. This cautious approach is aimed at mitigating risks and capitalizing on potential opportunities in the evolving market landscape.