#BTC | Review
#BTC120kVs125kToday After the rapid rise and touching $123k, Bitcoin retraced and entered a consolidation phase — thus giving space to altcoins, especially #ETH. Against this backdrop, Trump signed a new crypto law. But will it open real doors?
🗓 On July 18, the GENIUS Act was signed. There is enough information, but there is no direct mention of #BTC in the law. Only indirect signals: an increase in trust in the market, potential liquidity enhancement, new regulations, and possibly pressure on decentralized assets. However, as practice shows, the market often first sheds ballast through liquidations when it is positive — and only then truly starts to rise ⬆️
Locally, Bitcoin is consolidating in the range of $117-120k and is already beginning to compress within a symmetrical triangle, the exit from which will determine the fate of further local movement. It is especially important to monitor the zone of $119–120.8k, where the seller has previously shown their strength 💪 and does not intend to give up the level.
➡️At the time of the review, the price reacted to the liquidity capture at $117k and moved upwards. The nearest target is the retest of the bearish order block, from where I would like to see the seller's reaction and a continuation of the decline into the bullish imbalance below.
Overall, I do not expect a breakout and move higher for now. A sideways movement or range expansion is likely, especially against the backdrop of a correction in dominance and weakening in altcoins.
