The bitcoin market has seen its first significant wave of decline after hitting new all-time highs around the $123000 mark. The $107000-112000 range, if reached, could become a strong support zone.Meanwhile, this week the US Congress is debating a package of key bills aimed at regulating digital assets. In particular, market participants are expecting the adoption of the Genius Act, an initiative to create rules for stablecoins. The adoption of the document may become a catalyst for the inflow of investments into the cryptocurrency sector.As for bitcoin itself, the rate of reserve accumulation by ETF funds and other major participants is already significantly higher than the rate of issuance supported by miners. In addition, it is worth considering the deflationary nature of the asset and shrinking liquidity on exchanges.