Cryptonews - Bitcoin price forecast: The U.S. Senate passes the stablecoin bill, and here’s why Bitcoin enthusiasts are celebrating its approval. The price of Bitcoin (Bitcoin-BTC) fell to around $104,450 during yesterday morning's trading session after its recent surge, following the U.S. Fed's decision regarding its monetary policy and escalating geopolitical tensions between Israel and Iran. Despite facing recent selling pressure, the markets regained positive momentum after the U.S. Senate approved the GENIUS Act, a pivotal step in regulating stablecoins within the United States.
BREAKING:
US Senate just passed the Stablecoin Bill!
Programmable, on-chain, 1:1 digital cash with clear rules. Massive acceleration for crypto.
Next up: House ☞ Trump signs.
The U.S. is about to onboard the world. Bullish is an understatement pic.twitter.com/3zpD2xwT4i
— Matan (@matan_si) June 17, 2025
The U.S. Senate has approved the GENIUS Act - aimed at directing and enhancing national innovations related to stablecoins within the United States - with a majority of 68 votes to 30, making it the first federal law to regulate fiat-backed stablecoins. The law mandates stablecoin issuers to maintain cash reserves at a 1:1 ratio, undergo audits by neutral parties, and obtain the required regulatory licenses.
It is noteworthy that stablecoins compliant with the new legislation will operate outside the oversight of the U.S. Securities and Exchange Commission (SEC), representing a turning point in favor of crypto innovations. This legal clarity is expected to encourage institutions to adopt stablecoins and expand institutional participation in digital asset markets, with Senator Bill Hagerty describing the law as a strategic step towards making the U.S. the 'global crypto capital.'
Escalating geopolitical tensions loom over the markets
Geopolitical tensions in the Middle East continue to cause traders to shy away from the markets following the escalation of conflict between Iran and Israel after U.S. President Donald Trump called on Iran to 'unconditionally surrender' in a social media post, leading to increased doubts surrounding the U.S.'s potential role in this conflict and igniting an atmosphere of uncertainty.
GM to those who say it back!
Where is Bitcoin headed in the next 12 hours? Trump has created so much uncertainty, sellers are in panic mode. Will Iran-Israel tensions send us further down?
At end of day, what are your predictions for $BTC? pic.twitter.com/ZkC6QDnNcF
— Microscopic (@PayMeInSats) June 17, 2025
The overall mood of the Bitcoin market has soured due to fears of escalating regional tensions.
Market participants have become more sensitive to any new geopolitical developments.
Risk aversion has cast a shadow over digital assets, temporarily limiting their gains.
However, investors still see the GENIUS Act as a long-term bullish catalyst that could mitigate some of the negative effects of geopolitical tensions.
The Fed's decision coincides with Bitcoin's (Bitcoin) price movements following a triangular pattern.
The Federal Reserve kept interest rates steady in the range of 4.25% to 4.50% during its meeting yesterday, amid market speculation for signs indicating its intention to lower them later in 2025, which could weaken the performance of the U.S. dollar (USD) and support the outlook for Bitcoin (BTC) in return.
From a technical perspective, Bitcoin price forecasts continue to lean bearish, as the BTC/USD pair remains within a symmetrical triangle pattern on its two-hour chart between a significant resistance barrier at $106,658 and a strong support level at $103,431. Meanwhile, the reading of the 50-period exponential moving average (over the last two hours) settled around $105,807, reflecting traders' indecision, and the MACD momentum indicator signals have turned negative, suggesting a tendency to continue declining unless a decisive breakout occurs to determine the next direction.
A price chart for Bitcoin (Bitcoin), source: TradingView Suggested trading settings:
Open a short position: by breaking the support level of $103,430
First target: $102,180
Second target: $100,450
Stop loss: Above $105,800
These settings indicate a higher likelihood of the price continuing to decline in the near term unless it can decisively break through the upper trend line. It is advised to monitor for a confirmed close outside the triangle with increased trading volumes before making a decision.
With the accelerating pace of macroeconomic volatility and regulatory changes, Bitcoin traders are cautiously monitoring the market and preparing for potential price fluctuations.
The post Bitcoin price forecast (Bitcoin-BTC): The U.S. Senate approves the stablecoin bill, and here are the reasons for Bitcoin (BTC) supporters' celebration appeared first on Cryptonews Arabic.
