16 July 2025,05:13
Daily Market Analysis
16 July 2025, 05:13
Key Takeaways:
*Bitcoin fell over 3% from its recent all-time high above $120,000 after two major crypto bills failed to advance in the House due to bipartisan resistance.
*A coalition of conservative Republicans and Democrats blocked progress on landmark crypto legislation, raising doubts about the regulatory outlook.
Market Summary:
The cryptocurrency market turned volatile as traders closely monitored developments in Washington during what has been dubbed “crypto week.” Two landmark bills aimed at providing regulatory clarity and long-awaited legitimacy to the digital asset sector faced unexpected procedural hurdles in the U.S. House of Representatives. A coalition of conservative Republicans joined Democrats in blocking a vote to advance the legislation, casting uncertainty over the future of digital asset regulation.
Bitcoin (BTC), which had recently surged to a record high above $120,000, slipped more than 3% following the setback. Altcoins also showed signs of exhaustion, giving back gains from earlier rallies as investor sentiment cooled.
However, market optimism was revived after President Trump, who has emerged as a vocal supporter of the crypto industry, announced plans to intervene directly. In a statement on Tuesday, the President confirmed he was hosting a high-level meeting at the White House with 11 of the 12 congressional members needed to pass the stalled bills. His move is seen as a potential breakthrough in brokering a deal among Republican lawmakers.
The President’s intervention has buoyed sentiment in the crypto market, with traders now eyeing a successful House vote as a potential catalyst for renewed bullish momentum. A favorable outcome could pave the way for a sustained rally, particularly as institutional demand and ETF inflows remain robust.
Bitcoin (BTC) faced a technical pullback after hitting a fresh all-time high of $123,278, retreating nearly 4% from the peak. The correction has dragged BTC back into its previous sideways consolidation zone, a critical area now acting as immediate support.
Should the cryptocurrency fail to rebound from this level and breach the lower bound of the range, it may signal a broader bearish trend reversal, undermining the recent bullish narrative.
Momentum indicators have turned increasingly cautious. The Relative Strength Index (RSI) has slipped out of overbought territory and now hovers around the midpoint, indicating waning buying pressure. Meanwhile, the Moving Average Convergence Divergence (MACD) has formed a bearish crossover above the zero line and is trending downward—raising the possibility of a deeper correction should bearish momentum persist.
Investors will be watching closely to see if BTC can reclaim upward momentum or whether the latest price action marks the start of a more pronounced pullback.
Resistance levels: 122,850.00, 128,280.00
Support levels: 111,770.00, 104,960.00
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