#BTC☀️ Bitcoin's growth of 1.55% in the last 24 hours to $120,107 coincides with institutional purchases, positive technical indicators, and favorable regulatory news.
Institutional purchases: Spot Bitcoin ETFs attracted $1.18 billion this week.
Technical breakthrough: BTC is holding above the key Fibonacci level ($117,237) and the reversal point ($119,265).
Macroeconomic factor: The U.S. House of Representatives passed three cryptocurrency bills on July 18, boosting market confidence.
Detailed overview
1. Main factor: Regulatory impulse
On July 18, the U.S. House of Representatives approved bills that clarify rules for cryptocurrencies and facilitate access to retirement accounts, including the GENIUS Act aimed at regulating stablecoins. This followed Trump's statement on July 14 about expanding the use of cryptocurrencies in 401(k) retirement plans, which sparked institutional interest. ETF inflows reached $6.3 billion for the week — the highest since May.
2. Technical context
On July 17, BTC returned above the 0.786 Fibonacci level ($117,237) with the following signs:
MACD — bullish crossover: the histogram at +742 indicates accelerating growth
RSI 14 at 70.58 (neutral-bullish zone)
The price is trading 8% above the 30-day moving average ($109,866), confirming the upward trend
The reversal point $119,265 now serves as support, and resistance is at $123,091 (the maximum on July 14).
3. Market dynamics
Although altcoins have risen (XRP +20%, ETH +8%), Bitcoin's dominance has only slightly decreased to 60.93%, indicating institutional investors' preference for BTC over riskier assets. Derivatives data shows:
Funding rate of perpetual contracts: +0.0128% (neutral)
Open interest increased by 9.3% to $789 billion, indicating the emergence of new long positions
Conclusion
Bitcoin's rise reflects investors' strategic positioning in anticipation of a Fed rate cut and reduced supply due to ETFs, while technical indicators support the possibility of a retest of the $122K–$123K levels. Will the rotation into altcoins accelerate if BTC holds above $120K?
