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Bitcoin and Ethereum Show Further Growth Amid Positive Crypto Legislation News
Bitcoin is currently trading at $96,700, having rebounded from a low of $93,400, while Ethereum has recovered to the $1835 area after updating the $1764 level during Asian trading. The U.S. Senate is set to vote on a landmark stablecoin bill as early as tomorrow, despite growing resistance from Democrats and internal disagreements within the Republican Party.
According to media reports, Republicans supporting the bill, officially titled the GENIUS Act, are working to resolve internal party issues while seeking backing from a group of influential Democrats. The developments come as Republicans rush to secure the support of key Democratic senators, some of whom have recently publicly opposed the bill's latest version. The legislation requires 60 votes to pass, which means Republicans, who hold 53 seats, must garner support from at least some Democrats.
If the bill passes the Senate, the cryptocurrency market could respond with solid gains, potentially pushing Bitcoin toward the $100,000 mark.
I will continue to build strategies around sharp dips in Bitcoin and Ethereum, assuming the medium-term bullish market structure remains intact.
Below is the short-term trading strategy for both instruments:
Scenario #1: Buy BTC upon reaching the entry point at $96,800, targeting a rise to $97,800. At $97,800, exit long positions and open short trades on a pullback.
Precondition: The 50-day moving average must be below the current price, and the Awesome Oscillator should be in the positive zone.
Scenario #2: If there is no reaction to a breakout, buy BTC from the lower boundary at $96,200, aiming for a return to $96,800 and $97,800.
Scenario #1: Sell BTC at $96,200, targeting a drop to $95,200. At $95,200, exit shorts and consider long trades on the rebound.
Precondition: The 50-day moving average must be above the current price, and the Awesome Oscillator should be in the negative zone.
Scenario #2: Sell BTC from the upper boundary at $96,800 if there is no reaction to a breakout, aiming for a move toward $96,200 and $95,200.
Scenario #1: Buy ETH at the entry point of $1835, targeting growth to $1863. Exit at $1863, and sell immediately on the pullback.
Precondition: The 50-day moving average must be below the current price, and the Awesome Oscillator should be above zero.
Scenario #2: If there's no reaction to a breakout, buy ETH from the lower boundary at $1817, targeting returns to $1835 and $1863.
Scenario #1: Sell ETH at $1817, targeting a drop to $1792. At $1792, exit short trades and buy on the rebound.
Precondition: The 50-day moving average must be above the current price, and the Awesome Oscillator must be below zero.
Scenario #2: Sell ETH from $1835 if there is no reaction to a breakout, expecting a decline to $1817 and $1792.
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