Bitcoin Surges 16.72% in Six Months as U.S. Lawmakers Debate Crypto Bills

Bitcoin is currently testing key resistance levels, driven by a surge in investor optimism. This optimism is fueled by recent U.S. legislative developments and improving technical indicators. Lawmakers are actively debating several digital asset-related bills, which has led analysts to raise their short-term price targets for Bitcoin, with projections now pointing toward $137,000.

The U.S. House of Representatives is currently reviewing a series of crypto-related legislation. These bills aim to clarify the legal status of digital tokens, stablecoins, and central bank digital currencies (CBDCs). Key pieces of legislation under consideration include the Clarity for Digital Tokens Act, which seeks to distinguish between securities and commodities; the Genius Act, which proposes a regulatory framework for stablecoins; and the Anti-CBDC Surveillance State Act, which aims to restrict the Federal Reserve’s ability to issue retail digital dollars. The prospect of regulatory clarity is boosting sentiment across digital asset markets and fueling renewed institutional interest.

Institutional demand for Bitcoin is resurfacing, with companies like MicroStrategy, which holds over 600,000 BTC, increasing their crypto exposure. Additionally, asset manager Grayscale has filed for a U.S. IPO, highlighting the growing demand for compliant investment vehicles. The legislative momentum is seen as a catalyst for further corporate adoption of digital assets.

Technical indicators align with the macro backdrop, supporting the bullish sentiment. Bitcoin has gained 16.72% over six months, 10.69% over the past month, and 7.84% in the last week, trading between $111,134 and $122,428. The immediate resistance stands at $126,231, roughly 3% above the current range. A break above this threshold could trigger a move toward $137,525, representing a further 9% upside. On the downside, support levels are identified at $103,644 and $92,350. Key indicators include the 10-day and 100-day simple moving averages (SMAs), which are hovering near $118,000, signaling price stability. The Relative Strength Index (RSI) at 28.04 and the Stochastic at 19.83 indicate oversold conditions, while the Moving Average Convergence Divergence (MACD) at -691.09 suggests a potential bullish reversal.

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With favorable technical positioning and supportive macro developments, Bitcoin is poised to retest its highs and potentially breach the $137,000 mark in the near term. Investors are closely watching Congressional votes this week for signals of long-term regulatory direction. The combination of legislative tailwinds and technical momentum is creating a bullish outlook for Bitcoin, with the potential for significant price appreciation in the coming weeks.