Bitcoin Open Interest Soars to $85B Ahead of US Vote on Clarity Act- Will BTC Price Hit $136,000 This Week?

Bitcoin (BTC) is outperforming all the other financial assets as it trades at $122,357 today, July 14, with a 3.9% gain within 24 hours. In the last week, Bitcoin price has recorded a series of new highs, with the seven-day gain coming in at more than 12%. BTC could be on the way to creating a new record at $136,000 during the highly anticipated “Crypto Week 2025” as US legislators vote on the Clarity Act bill.

BTC Open Interest Surges As Crypto Week Expectations Rise

One of the main catalysts behind the ongoing Bitcoin price gains and potentially triggering the next push to $136,000 is the upcoming US House vote on multiple crypto-focused bills.

A previous CoinGape report noted that during the Crypto Week 2025, which will run between July 14 and July 18, one of the bills that the lawmakers are going to debate is the Clarity Act that seeks to distinguish the regulatory roles between the SEC and the CFTC. If it passes, it is one of the acts currently under consideration that will likely impact the BTC price performance.

The market is already reacting to these events, considering that Bitcoin’s open interest has increased to an all-time high of $85 billion per Coinglass data. Such growth shows that many traders are expecting significant changes in the price, and they are already taking positions.

At the same time, the CPI and the PPI data are also going to come out this week, and this will once again bring the possibility that the Fed will reduce interest rates into focus. The speculation that interest rates might come down this month has also been a catalyst for the price growth.

Technical Analysis Predicts Next Bitcoin Price Target at $136,000

BTC price has been trading within an ascending trendline that has been serving as a strong resistance level since early 2024. The coin has touched this resistance two times now, and it is now looking to do it for a third time, at which point a fresh high will be created.

If this rising trendline remains in play, the top resistance level lies at the 123.6% Fibonacci level of $136,000, where a new all-time high lies. The current price action, where Bitcoin is creating simultaneous highs, indicates that getting to this level is possible as long as buyers do not face exhaustion.

Looking at the RSI, which has a value of 71, the BTC  price might be close to its overbought levels. However, an analysis of the previous history of the RSI shows that the long term Bitcoin price prediction is still bullish, and the coin still has room to grow because the chances of a reversal will remain low until this indicator rises to 80.

However, there is a key resistance level at $124,000 that BTC needs to overcome first before the next bullish leg to $136,000 can commence. A previous CoinGape analysis noted that the BTC/DXY metric shows that Bitcoin will have to reach $124,000 to mirror its January high, and once it gets here, the buy-side pressure might subside.

In conclusion, Bitcoin price is targeting a new high at $136,000 if it continues to make one new high after another. Buying pressure is also at high levels ahead of the US House vote on multiple crypto bills, and as interest continues during the week, a 12% increase to the $136,000 resistance might happen.