After a rapid rise and touching $123k, Bitcoin has 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: increased market confidence, potential liquidity enhancement, new regulations, and possibly pressure on decentralized assets. However, as practice shows, the market often first sheds ballast through liquidations on a positive note — 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 breakout of which will determine the fate of further local movement. It is especially important to watch the zone of $119–120.8k, where the seller has previously shown strength 💪 and is not willing to give up the level.
➡️At the time of review, the price worked out liquidity capture at $117k and reacted upwards. The nearest target is a retest of the bearish order block, from which 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 trend or range expansion is likely, especially against the backdrop of dominance correction and weakening in altcoins.
#BTC #ETH #crypto #altcoins #BinanceSquare