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Bitcoin (BTC) has gone up by nearly 7% in the past 7 days and made a new all-time high 3 days ago at $123,091 as the top crypto has rallied on the back of some legislative tailwinds.
The Genius Act, a bill that would, among other things, provide a robust legal framework for stablecoins in the United States, is being discussed in Congress this week and could be approved by Friday.
Alongside this bill, the Digital Asset Market Clarity Act could also be signed into law before the week ends. This last piece of legislation will bring order to the market by establishing which agency – either the U.S. Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC) – will have jurisdiction to regulate different crypto assets.
A handful of altcoin ETFs have also been launched this week, including the ProShares Ultra XRP ETF (UXRP) – the first of its kind linked to this token.
Above-Average Volumes Confirm BTC Bullish Breakout
On July 14, Bitcoin trading volumes hit $180 billion and closed the next day at almost $100 billion as the token reached a new price record.
A day before, more than $400 million worth of BTC short positions were wiped out, which likely contributed to the token’s push to this higher level.
Short liquidations have now been declining in the past few days, which means that the market may be too ‘one-sided’. This favors an upcoming pullback as the price action will look for additional liquidity from late buyers before its next leg up.
Meanwhile, open interest in BTC futures is close to making a new record if measured in BTC rather than USD – a more accurate method to determine interest levels and sentiment.
This implies that traders are rushing to position themselves for the continuation of this latest rally.
Looking at the daily chart, a bull flag pattern has been confirmed by BTC’s latest price action as the token broke above its trend line resistance 8 days ago with strong volumes.
Bull flags are considered continuation patterns. In this case, the setup indicates a brief pause from buyers to take profits and position themselves at the lowest price possible for the next leg up.
The upside potential that bull flags offer tends to be estimated by the size of the pattern’s pole. In Bitcoin’s case, it means that the price could rise by as much as 50% within the next few weeks if the pattern unfolds as expected.
This gives us a short-term target of $165,000 for Bitcoin. A more conservative estimate, however, would see the token rising to a range between $140,000 and $150,000.
Meanwhile, a new crypto presale linked to Bitcoin stands to gain from its latest push to new records. Its name is Bitcoin Hyper – a layer-two protocol that aims to unlock the untapped potential of BTCFi.
Bitcoin Hyper (HYPER) Leverages Solana’s Efficiency to Create a BTC-Centered DeFi Ecosystem
Bitcoin Hyper (HYPER) has raised more than $3 million to launch its powerful Solana-based layer-two blockchain centered on giving Bitcoin investors a chance to earn yield, stake, and lend their BTC tokens without leaving the Bitcoin network.
BTC holders will send their assets to a designated Bitcoin wallet and will receive a corresponding amount of tokens in the HYPER L2 to access this project’s DeFi protocols.
Bitcoin Hyper is built on Solana to leverage this network’s scalability, low fees, and robust design to foster a new era for BTC.
Meme coins, payments, yield-farming, and staking – everything is possible with Bitcoin Hyper. Once the solution is embraced by top wallets and exchanges, the demand for its native asset, $HYPER will explode.
To reap the highest returns, you can buy this token at its discounted presale price of $0.0123. Simply head to the Bitcoin Hyper website and connect your wallet (e.g. Best Wallet). You can either swap USDT, SOL, or ETH, or use a bank card to invest.
