Bitcoin prices held largely steady on Thursday as the US House of Representatives moved closer to debating a series of digital asset bills, following a nine-hour deadlock.
The world’s largest cryptocurrency rose slightly by 0.2% to reach $118,747.5 as of 2:25 a.m. Eastern Time (06:25 GMT).
Bitcoin had surged earlier this week to record highs above $123,000, but later retreated below $116,000 amid profit-taking at historical peaks and growing concerns over US tariffs.
Crypto legislation clears key procedural vote
Late Wednesday, the US House narrowly voted in favor of formally opening debate on a package of digital asset bills, including the GENIUS Act, which establishes a federal regulatory framework for stablecoins.
The vote passed 217 to 212, after hours of internal negotiations among Republicans, who were divided over whether to advance the bills individually or as a single package.
This vote marks the first meaningful legislative breakthrough in what lawmakers have dubbed “Crypto Week”—a coordinated effort to bring regulatory clarity to the US digital asset sector.
Among the other bills under discussion are: the CLARITY Act, which aims to define whether tokens should be classified as securities or commodities, and the Anti-CBDC Surveillance State Act, designed to prevent the Federal Reserve from issuing a central bank digital currency (CBDC).
The procedural vote had stalled on Tuesday due to internal Republican disagreements, but gained momentum following intervention from President Donald Trump and House Speaker Mike Johnson.
Nevertheless, the narrow margin and continued uncertainty around the final vote have dampened momentum, keeping Bitcoin in a tight trading range.
Market cautious ahead of final vote
Traders are now awaiting the outcome of individual House votes on each bill, expected later this week, which could determine whether the cryptocurrency sees another breakout similar to last week’s.
Bitcoin is currently attempting to reclaim the $120,000 level, with many market participants asking: what could trigger a break above $130,000 or $150,000?
Technical analysis and institutional demand support Bitcoin
From a technical standpoint, Sunday night’s surge above $120,000 was driven by a short squeeze in the futures market, which triggered liquidations exceeding $1 billion across exchanges, according to data from Coinglass.
According to Ray Salmond, Head of Markets at Cointelegraph: “The spot market momentum needed to maintain prices above $120,000 isn’t clearly visible on centralized exchanges… but strong, ongoing global demand through bitcoin ETFs, public companies building bitcoin treasuries, and infrastructure investment continues to support the price.”
With CPI and PPI data due this week, and markets having absorbed the next wave of tariffs set to take effect on August 1, the risk-off sentiment that hit Wall Street earlier in the week appears to have eased.
Several developments have helped lift market sentiment, including President Trump’s success in advancing the procedural vote in the House on the GENIUS and CLARITY bills.
Bitcoin ETFs see highest inflows in three months
Reports indicate that Cantor Fitzgerald and Adam Back are nearing a SPAC deal that could provide Cantor Equity Partners with as much as 30,000 bitcoins.
Technical targets and upcoming resistance levels
On Bitcoin’s daily chart, an inverse head and shoulders pattern has been confirmed, with price closing above $112,000 on Thursday. This technically opens the door to a target around $143,000.
As the futures market continues to drive price discovery and short-term moves through liquidations, a sustainable push toward $150,000 will likely require consecutive daily closes above the $130,000 level.
