Bitcoin Surges Past $120K as U.S. House Passes Landmark GENIUS Act Boosting Crypto Market Confidence

On July 18, the U.S. House of Representatives advanced three pivotal crypto legislations: the CLARITY Act, the GENIUS Act, and the Anti-CBDC Surveillance State Act. This legislative progress signifies a critical step forward in the regulatory framework governing digital assets in the United States. Notably, the GENIUS Act is anticipated to receive presidential assent imminently, reinforcing the nation’s strategic approach to cryptocurrency oversight. Meanwhile, the CLARITY and Anti-CBDC bills await Senate review, underscoring ongoing efforts to refine crypto policy.

Market analysts at Bitunix highlight that these developments have bolstered investor confidence, potentially catalyzing broader institutional adoption. Following the announcement, Bitcoin experienced an upward trajectory, currently trading at approximately 120,326 USDT, surpassing previous resistance levels. Technical data indicates a significant liquidation zone near $121,800, suggesting a short-term upside target, while robust support is identified around $116,300, serving as a critical defense level to sustain bullish momentum.

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