Bitunix Analyst: The US House advances three major encryption bills, BTC is in a sideways trend, with short-term support still looking at $116,300.

BlockBeats News, on July 17, the U.S. House of Representatives yesterday passed a procedural vote of 215 to 211 on three cryptocurrency bills, including the GENIUS bill, the CLARITY bill and the anti-CBDC bill, which means that these bills will enter the formal debate and voting stage, and the final vote will be held as soon as this week. The market sees this as a key step in advancing the U.S. crypto regulatory framework. The Fed Beige Book, released on the same day, showed a neutral to slightly pessimistic outlook, with most regions expecting flat or weaker growth, with only a few forecasting expansion. On the other hand, Trump said that he would only consider appointing a chairman of the Federal Reserve who supports low interest rates, paving the way for the market to expect a rate cut. Bitunix analysts suggest that BTC maintain range-bound consolidation amid a mix of favorable policy and economic uncertainty. If the U.S. House of Representatives passes the bill this week, it is expected to inject confidence in the market. Short-term support remains focused on $116,300 and short-term pressure at $121,000. If the support is lost, it is recommended to wait and see and avoid chasing higher.