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Bitcoin (BTC) price prediction: The US holds a cryptocurrency legislative hearing, and apparent demand trends indicate bullish.
Today (7th) in the Asian early session, the Bitcoin price remains above 109,000 USD, as regulatory clarity has boosted the demand for Bitcoin. On Wednesday, the Senate Banking Committee will hold a hearing on the structure of the Crypto Assets market in preparation for a key vote expected during the week of July 14 (the so-called "Crypto Assets Week").
The lack of clear rules and regulations has troubled the digital asset space in the United States, allowing the Securities and Exchange Commission to regulate through enforcement. Achieving regulatory clarity through legislation will end the threat of future unjust enforcement actions, thereby promoting the prosperous development of the Crypto Assets market.
The sentiment towards regulation of Crypto Assets may further tilt the supply-demand balance in favor of Bitcoin. Charles Edwards from the digital asset hedge fund Capriole Investments shared a chart showing BTC price and apparent demand trends, noting: "Despite the volatility of 80,000 BTC, the apparent demand for Bitcoin remains bullish."
On July 4th, the apparent demand for BTC has turned bullish, indicating that prices may break through based on historical trends. Legislative progress in Congress will be one of the key driving factors for BTC and the overall market trend. Despite last week's reports of BTC being moved from Satoshi Nakamoto's wallet, the apparent demand for BTC remains bullish.
Bitcoin Price Outlook
FXEmpire analyst Bob Mason stated that the recent price outlook for Bitcoin depends on several key developments, including trade developments, legislative news, signals from the Federal Reserve's monetary policy, and spot ETF liquidity. Possible scenarios:
Bearish scenario: tariff increases, legislative hurdles, hawkish hints from the Federal Reserve, and outflows from ETF funds. The combined effect of these factors may pull BTC towards the 50-day exponential moving average (EMA) and could potentially reach the 100,000-dollar mark.
Bullish scenario: Trade tensions ease, bipartisan support for Crypto Assets legislation, the Federal Reserve sends dovish signals, and ETF fund inflows. Under these scenarios, BTC could rise to a historical high of $111,917.
(Source: Trading View)