Suche
Mein Konto
Bitcoin on the rise: Is the big price upswing now near?
The cryptocurrency market appears stable on July 16, 2025, with Bitcoin on the recovery path and positive impulses from “Crypto Week”.
Bitcoin on the rise: Is the big price upswing now near?
On July 16, 2025, the cryptocurrency market appears relatively calm as Bitcoin (BTC) struggles to stay above the $119,000 mark. The price had previously reached a low of $115,736 the previous day. With the US House of Representatives' upcoming "Crypto Week" indicating positive sentiment for Bitcoin and other altcoins such as Ethereum (ETH) and Ripple (XRP), which are currently sending bullish signals. These market observations are in line with the assumptions of Deutsche Bank Research, which predicts Bitcoin to rise to new all-time highs of up to $123,218. FXStreet reports, Bitcoin is approaching the resistance area at $120,000 and positive technical indicators, such as the Relative Strength Index (RSI), point to bullish momentum.
However, there was a setback on Tuesday when the House of Representatives voted 196-222 against passing the GENIUS Act, delaying the progress of the crypto legislative package. However, US President Donald Trump has announced that he has reached an agreement with 11 MPs to overcome this deadlock. The GENIUS Act is intended to create guidelines for the issuance of stablecoins. Experts hope that the passage of such laws will provide greater regulatory clarity and encourage innovation in the cryptocurrency industry.
Market development and technical signs
Bitcoin price is showing signs of stability, with the RSI rising from 61 to 66. These technical indicators suggest that Bitcoin could be able to close above $120,000. Supportive moving averages highlight the bullish outlook. FXStreet reports, Ethereum is also defending above the $3,000 level and showing bullish momentum, with an RSI of 77 suggesting additional gains. If prices remain above $3,000, price targets of $3,500 and even $4,000 could be achieved.
Ripple (XRP) is also drawing attention as bulls push for a break above resistance at $3.00. Technical indicators such as MACD and RSI support XRP's bullish momentum, while Micro XRP futures on CME Group recorded over $250 million in trading volume. Such developments could indicate growing interest from institutional and private investors in these cryptocurrencies and provide additional stability in the overall market.