16.01.202616:15 Forex Analysis & Reviews: To be, or not to be

Meanwhile, Bitcoin has hit fresh resistance around $95,900, despite the postponement of hearings in the Senate Banking Committee that were scheduled for Thursday. Many lawmakers insist the initiative to pass a comprehensive cryptocurrency bill is close to completion.

It was expected that the committee would meet yesterday to consider amendments and vote on a bill that would generally divide oversight of digital assets between the Commodity Futures Trading Commission and the Securities and Exchange Commission. However, that plan fell apart amid concerns over how DeFi would be regulated, revenue from stablecoins and the grant of overly broad powers to the SEC.

Today, Senator Cynthia Lummis, a Republican from Wyoming and a staunch supporter of the crypto industry, said lawmakers have not abandoned the bill and are ready to work to advance it. "Everyone is still at the negotiating table, and I look forward to collaborating on a bipartisan bill that the industry and America can be proud of," Lummis said.

Senator Bill Hagerty, a Republican from Tennessee, also said he is confident a consensus will be reached shortly. "I am determined to continue this important work with my colleagues on market-structure issues and look forward to passing legislation that will ensure this innovative technology thrives in the United States for decades," Hagerty said.

As noted above, the hearings in the Senate committee that oversees the Commodity Futures Trading Commission were originally scheduled for Thursday but were then moved to the end of the month. The bills from both committees must be merged before they are brought to a full Senate vote.

Trading recommendations

Bitcoin

Buyers are currently targeting a return to $95,800, which opens a direct path to $97,600 and then to $99,400. The farthest target is the high near $102,400; breaking that would signal attempts to return to a bull market. In case of a decline, buyers are expected at $94,000. A move back below that area could quickly push BTC toward $92,100. The farthest downside target is $90,500.

Ethereum

A clear hold above $3,340 opens a direct path to $3,426. The farthest target is the high near $3,505; surpassing that would indicate strengthening bullish sentiment and renewed buyer interest. In case of a decline, buyers are expected to enter the market at $3,257. A move back below that area could quickly push ETH toward $3,192. The farthest downside target is $3,129.

Chart indicators

• Red indicators represent support and resistance levels, where a slowdown or active price increase is expected.
• Green represents the 50-day moving average.
• Blue indicates the 100-day moving average.
• Light green signifies the 200-day moving average.

Crossovers or tests of the moving averages usually halt or set the market's momentum.