Key Moments:

• Tuesday witnessed Bitcoin reverse gains achieved earlier in the trading session that were fueled by momentum from a new congressional bill.
• The cryptocurrency failed to hold above $107,000 despite an attempted breakout.
• Senate’s GENIUS Act advanced with bipartisan support, moving closer to a full vote.

Bitcoin’s Surge to $107,000 Halts

Bitcoin gave up earlier gains by dropping 1.15% to $104,403 after attempting to breach the $107,000 mark, pulling back in what analysts deem to be a consolidation phase rather than a bearish reversal. The digital asset had previously surged on optimism surrounding a new stablecoin bill in Congress, but strong overhead resistance has capped the rally. Traders are now eyeing the $107,000 ceiling as a critical barrier, and consolidation just beneath it may offer a base for a stronger move higher. A retreat remains possible, however.

Today’s short-term market optimism was triggered by unexpected progress with the GENIUS Act, a stablecoin-focused bill, which passed a critical procedural vote in the Senate after previously stalling. This development sets the legislation on a potential path to full passage.

The measure had failed a cloture vote less than two weeks ago, largely due to internal party conflicts among Democrats. Tensions had risen over potential conflicts of interest concerning US President Donald Trump.

However, recent shifts in stance from several key lawmakers have reinvigorated the bill’s momentum. Lawmakers, including Ruben Gallego, Mark Warner, Lisa Blunt Rochester, Kirsten Gillibrand, and Angela Alsobrooks. Some of them were previously opposed to the bill.

Following the successful procedural vote, the GENIUS Act is now on track for a full Senate vote as early as the next day, according to one Senate source. Should it clear that hurdle, the legislation will head to the House. If signed into law, the bill would formally establish a protocol for stablecoin issuance in the United States.