Bitcoin Eyes $136,000 Target as Crypto Week Legislation Drives Market Momentum

• Bitcoin trades above $121,000 and has gained over 12% in the past week while targeting $136,000 resistance.

• Open interest reached an all-time high of $85 billion as traders positioned themselves for major price moves during the Crypto Week legislation.

• The House will vote on three crypto bills this week, and passage could remove regulatory uncertainty limiting institutional adoption.

Bitcoin continues its impressive rally, trading above $121,000 as traders position themselves ahead of critical cryptocurrency legislation. The crypto has surged over 12% in the past week, establishing multiple new highs while regulatory clarity appears within reach.

The ongoing price momentum coincides with the week of July 14th, which is designated as “Crypto Week” by the U.S. House of Representatives. During this period, lawmakers will vote on three major bills that could reshape the cryptocurrency landscape in America.

Historic Open Interest Signals Major Price Movement

Market data reveals unprecedented activity in Bitcoin derivatives markets. Open interest has reached an all-time high of $85 billion, according to Coinglass data. This surge indicates heightened trader expectations for significant price volatility during the legislative proceedings.

The technical analysis supports continued upward momentum. Bitcoin has been trading within an ascending trendline that has served as resistance since early 2024. The cryptocurrency has tested this resistance level twice and is approaching a third test, which could trigger a breakout to new all-time highs.

RSI indicators currently sit at 71, approaching overbought levels but remaining below the critical 80 threshold that typically signals potential reversals. Historical data suggests Bitcoin can sustain further gains before encountering significant selling pressure.

Crypto Week Legislation Creates Bullish Catalyst

During the designated crypto week, the House of Representatives will consider the CLARITY Act, the Anti-CBDC Surveillance State Act, and the Senate’s GENIUS Act. The CLARITY Act specifically aims to distinguish regulatory roles between the SEC and CFTC, providing much-needed clarity for digital asset oversight.

The Anti-CBDC Surveillance State Act seeks to prevent the Federal Reserve from creating or experimenting with central bank digital currencies. This legislation addresses concerns about government overreach in monetary policy and financial privacy.

Traders closely monitor these developments, as passage of crypto-friendly legislation could remove regulatory uncertainty that has historically constrained institutional adoption. Positive regulatory momentum and strong technical indicators have created optimal conditions for continued price appreciation.

Chart analysis indicates the next major resistance level is $136,000, corresponding to the 123.6% Fibonacci extension. This target aligns with analyst predictions for Bitcoin’s next significant price milestone.

However, Bitcoin must first overcome immediate resistance at $124,000. Previous analysis suggests this level mirrors the cryptocurrency’s January high when adjusted for dollar strength. Breaking through this barrier could trigger the final leg toward $136,000.

Leading analysts, including Katie Stockton of Fairlead Strategies, project bitcoin price targets as high as $168,000 over the next year, with a more conservative scenario calling for $135,000 by 2025.