Bitcoin: Genius is on the scene The U.S. House passed the Genius Act on July 17, following Senate approval in June. The bill sets comprehensive federal standards for stablecoins, clearing the way for banks and fintechs to issue them under clear reserve and audit rules. This represents a new milestone for the crypto market, and its leading coin - BTC. During the week, BTC managed to hold steady above the $118K. On Tuesday, there has been one attempt to push the price toward the $116, however, the price swiftly returned to the previous grounds. The highest weekly level reached was at $122,8K, reached on Monday, however, this level was also unsustainable. The majority of trades during the week were around $118,5K.
The RSI modestly moved from the overbought market side, ending the week at the level of 65. This could be an indication of a forthcoming price reversal, however, considering strong demand for BTC, such a move could be easily postponed. The MA50 started again to diverge from MA200, indicating that there will be no cross of two lines in the coming period.
BTC managed to hold levels above the $118K, which is an indication that investors are still not ready to sell in higher volumes, in order to take profits. The RSI is indicating potential for a short reversal, however, in the current circumstances, it might be postponed. A move toward the higher grounds is also quite possible, especially taking into account BTCs recent push toward the $122K. At this moment charts are pointing to equal probabilities for a move toward both sides. On one hand, the $116K support was indicated through price during the previous week, as well as the $122K. The start of the week ahead will determine which side will prevail in the week ahead.
