Bitcoin Surges to $119K: Bulls Await Regulatory Clarity Sparks
UPDATE: Bitcoin has surged to $119,000, marking a 1.50% bounce just hours ago as bulls prepare for a potential breakout amid increasing regulatory clarity. The recent activity suggests that the cryptocurrency market is heating up as “Crypto Week” gains momentum.
Spot demand is rebounding, hinting at a strategic buildup of buying power after a significant liquidity grab of $90 million at $118,139. This upward movement reflects the bulls’ determination, especially with $800 million in Tether (USDT) outflows indicating a risk-off rotation.
According to sources at AMBCrypto, the timing of this push could favor Bitcoin bulls, particularly with $44 million in leveraged positions clustered around $120,300. As market sentiment shifts, traders are closely watching for any signs of a sustained rally.
The re-emergence of former President Donald Trump and his advocacy for the GENIUS Act is providing a crucial bullish catalyst. His renewed push for this legislation has given the market a much-needed dose of regulatory clarity, spurring Bitcoin’s recent rally.
Data from Glassnode reveals that approximately 196,000 BTC, valued at around $23 billion, were purchased in the $116,000-$118,000 range during the recent dip. This buying frenzy is nearly eight times the profits realized since Bitcoin’s all-time high, indicating strong underlying demand.
While it remains premature to declare a confirmed price floor, historical trends suggest that such bid-side stacking often precedes breakout rallies, particularly if trading volumes continue to increase. The combination of structural demand and regulatory momentum could propel Bitcoin through critical liquidity levels and initiate the next upward leg.
Despite recent stablecoin outflows resembling classic risk-off behavior, the current environment appears to be more about strategic sidelining rather than outright de-risking. As market dynamics shift, the substantial capital parked in USDT may soon rotate back into Bitcoin, further boosting demand.
As “Crypto Week” unfolds, Bitcoin traders are optimistic. If Trump’s momentum continues, another upside liquidity sweep could be on the horizon, with bullish sentiment beginning to overshadow fears of a pullback.
Stay tuned as developments unfold in the cryptocurrency market, and watch for potential implications from the GENIUS Act as it heads to the House floor. What happens next could significantly impact Bitcoin’s trajectory in the coming days.
