Quick overview
- Bitcoin is consolidating near $120,000, facing resistance but supported by significant institutional inflows into Bitcoin ETFs.
- Dogecoin is showing strong technical indicators, with potential for a 300% rally if it breaks above $0.21.
- The US House of Representatives passed three major cryptocurrency bills, marking a significant regulatory shift in the crypto landscape.
- Sui is gaining momentum in the altcoin market, with potential to rally towards $5 as Bitcoin’s dominance declines.
The crypto market is experiencing a pivotal moment as Bitcoin BTC/USD consolidates near $120,000 while facing resistance, and Dogecoin DOGE/USD shows strong technical indicators pointing toward a potential 300% rally. Meanwhile, US lawmakers have made historic progress by passing three major crypto bills in the longest voting session in House history.
Crypto Market Developments
This week, the digital asset world saw a lot of movement in terms of rules and regulations. The US House of Representatives passed three important cryptocurrency bills in a nine-hour vote session. The Digital Asset Market Clarity (CLARITY) Act passed with 294 votes in favor and 134 votes against. The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act got 308 votes in favor and 122 votes against. The Anti-CBDC Surveillance State Act passed by a tight margin of 219 votes in favor and 210 votes against. This push for new laws fits with President Donald Trump’s declared crypto goal, which is a big change in how the government regulates.
At the same time, the Securities and Exchange Commission pushed up the date for deciding on Bitwise’s Bitcoin and Ether spot ETF in-kind redemptions. This shows that the agency is taking a more cautious approach now that Paul Atkins is in charge. Grayscale is criticizing the SEC for how it is treating its Digital Large Cap ETF, and this decision comes at a time when there is more criticism of regulatory delays. Dogecoin has gone up 23% in the last week because more people are buying it on sites like Robinhood and Binance.
Bitcoin in Consolidation Phase
BTC/USD
Bitcoin is still strong, trading about $119,757. It has stayed close to previous highs even though there has been selling pressure around the $120,000 resistance mark. The cryptocurrency has gotten a lot of support from institutions. On Wednesday alone, US-based Bitcoin exchange-traded funds saw $799.4 million in inflows, making it the 10th day in a row that they have seen inflows. Since July 2, investors have put more than $5.2 billion into Bitcoin ETFs, showing that institutions are still quite interested in the digital asset.
Technical analysis shows that Bitcoin is in a consolidation phase. If it keeps failing to break over $120,000, it could drop further more toward the 20-day exponential moving average at $113,528. But if Bitcoin can get past the resistance zone between $120,000 and $123,218, analysts think the following part of the rally might go up to $135,729 and then hit the pattern target of $150,000. The way the market is set up right now makes it look like bulls are holding their ground, waiting for the upswing to start again. However, if the price drops below the important $110,530 support level, bears could take over.
Dogecoin Getting Ready for a Breakout
DOGE/USD
Dogecoin (DOGE) is getting ready for a big jump up. It’s now trading above $0.21 and has formed a textbook double bottom pattern on the daily chart. This bullish pattern formed after DOGE broke out of a long-term downward channel, which showed that the momentum had changed. The memecoin is now in a healthy consolidation phase between $0.19 and $0.21, which technical analysts see as a good retest after the breakout.
The wider weekly chart structure makes Dogecoin’s bullish case much stronger. The cryptocurrency is trading in an ascending expanding wedge, which is a technical pattern recognized for its parabolic breakthrough potential. If the price breaks above $0.21 right now, it will probably go to $0.25, which will complete the double bottom pattern and open the road to $0.48, which was last seen in December 2024. Based on what has happened in the past and how the market is set up, this move might set the stage for a 300% rise once $0.25 is recaptured, with $1 being a feasible long-term goal.
Sui Could Rally to $5 in Altcoin Season
Sui might benefit from the current altcoin season because Bitcoin’s declining dominance shows that money is going into other cryptocurrencies. The token has picked up speed when it broke above the 50-day simple moving average at $3.10 on July 10. It then got close to the overhead resistance level of $4.30. If bulls can push the price above the current resistance level, this technical breakthrough might lead to a rise toward $5 and finally $5.37.
The cryptocurrency made a bullish inverse head-and-shoulders pattern when it closed over $3.55, which gave more technical proof that it was going up. Sellers are trying to stop the rise around $4.10, but the bounce off the 20-EMA on the 4-hour chart shows that people are still feeling good about it. As Bitcoin’s price stabilizes, more and more people are becoming interested in altcoins. This could be what SUI needs to break through the tough resistance at $4.30 and start a rally toward the $5 target as the crypto industry continues to change.
Arslan Butt
Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.
His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.
His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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