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Dogecoin Bitcoin price is consolidating gains below the $118,000 resistance. BTC could start a downside correction if it breaks the $116,200 support zone. Bitcoin started a fresh decline after it failed to clear the $120,000 zone. The price is trading below $118,000 and the 100 hourly Simple moving average. There is a bearish trend line forming with resistance at $118,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might start another increase if it clears the $120,000 resistance zone. Bitcoin Price Dips Again Bitcoin price started a correction after the bulls failed to clear the $120,000 resistance. BTC dipped below the $118,000 level and tested the $116,200 zone. A low was formed at $116,260 and the price is now attempting a fresh increase. The bulls were above to push the price above the $117,000 resistance level. There was a move toward the 50% Fib retracement level of the downward move from the $119,630 swing high to the $116,260 low. Bitcoin is now trading below $118,500 and the 100 hourly Simple moving average. Immediate resistance on the upside is near the $118,000 level. There is also a bearish trend line forming with resistance at $118,000 on the hourly chart of the BTC/USD pair. The first key resistance is near the $118,400 level. It is close to the 61.8% Fib level of the downward move from the $119,630 swing high to the $116,260 low. The next resistance could be $119,150. A close above the $119,150 resistance might send the price further higher. In the stated case, the price could rise and test the $120,500 resistance level. Any more gains might send the price toward the $122,000 level. The main target could be $123,200. Another Decline In BTC? If Bitcoin fails to rise above the $118,400 resistance zone, it could start another decline. Immediate support is near the $116,200 level. The first major support is near the $115,500 level. The next support is now near the $115,500 zone. Any more losses might send the price toward the $112,500 support in the near term. The main support sits at $111,200, below which BTC might continue to move down. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $116,200, followed by $115,500. Major Resistance Levels – $118,000 and $120,500. Source: newsbtc.com (Read Full Article)
Chinese blockchain Conflux launching offshore yuan-backed stablecoin
Chinese blockchain Conflux launched Conflux 3.0 network and unveiled a new offshore yuan-backed stablecoin targeting “Belt and Road” cross-border payments. Source: cointelegraph.com (Read Full Article)
‘Crypto Week’ ushers in big change: What happens now?
Crypto Week in the US ends with some victories for the crypto lobby, with the GENIUS Act headed to Trump’s desk. Source: cointelegraph.com (Read Full Article)
Crypto rules for mortgages must reflect self-custody reality
The FHFA directive on crypto in mortgage risk assessments risks excluding self-custodied assets, potentially increasing counterparty risk for homebuyers. Source: cointelegraph.com (Read Full Article)
US Lawmaker sounds alarm on GENIUS bill, says it’s a CBDC Trojan Horse
The line between a central bank digital currency and a centrally-managed, government-regulated stablecoin is thin, critics argue. Source: cointelegraph.com (Read Full Article)
Charles Hoskinson says audit report ‘shaping up’ for August release
Cardano founder Charles Hoskinson says he will read the full audit report over a livestream when it is released next month. Source: cointelegraph.com (Read Full Article)
GENIUS Act blocks Big Tech, banks from dominating stablecoins: Circle exec
Circle’s Dante Disparte says the GENIUS Act ensures tech giants and banks can’t dominate the stablecoin market without facing strict structural and regulatory hurdles. Source: cointelegraph.com (Read Full Article)
Experts say ‘just a starting point’ as Crypto Week ends on a high note
The GENIUS Act marks a turning point for crypto regulation, but experts say true integration with finance and identity systems is only beginning. Source: cointelegraph.com (Read Full Article)
Embedding human rights into crypto isn’t optional, it’s foundational
Embedding human rights into crypto systems is a necessity. Self-custody, privacy-by-default, and censorship-resistant personhood must be core design principles for any technology. The future of digital freedom depends on it. Source: cointelegraph.com (Read Full Article)
UK working to sell $7B in seized Bitcoin to boost budget: Report
A new report suggests the UK Treasury is working to sell up to $7 billion worth of seized Bitcoin, but one person has slammed the report as “sensationalism” amid a crypto bull run. Source: cointelegraph.com (Read Full Article)