The US encryption bill advances, BTC is consolidating in a range waiting for a breakout.

[Block Rhythm] On July 17, the U.S. House of Representatives passed three procedural votes on Crypto Assets bills by 215 to 211 yesterday, including the GENIUS Act, the CLARITY Act, and the anti-CBDC Act, which means these bills will enter the formal debate and voting stage, with the final vote expected as early as this week. The market sees this as a critical step in advancing the U.S. Crypto Assets regulatory framework. The Fed's Beige Book released the same day shows a neutral to slightly pessimistic economic outlook, with most regions expecting economic growth to remain flat or weaken, and only a few forecasting expansion. On the other hand, Trump stated that he is only considering appointing a Fed chairman who supports low Intrerest Rates, paving the way for the market's expectations of rate cuts.

Analysts suggest: BTC maintains range consolidation under the intertwined influence of favorable policies and economic uncertainty. If the U.S. House of Representatives passes the relevant bill this week, it is expected to inject confidence into the market. The short-term support still focuses on 116,300 dollars, while the short-term pressure focuses on 121,000 dollars. If the support is lost, it is recommended to exit and watch, avoiding chasing highs.