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Bitcoin and Ethereum have returned to the channels in which they spent most of last week. While Bitcoin has yet to break above the $109,000 mark, the prospects for a continued bull market remain intact, at least as long as trading holds above the $105,000 level.
The market is in need of new growth drivers, and one of them could be a sweeping legislative proposal to define the cryptocurrency market structure. On Monday, Stand With Crypto, a crypto advocacy group that played a significant role in last year's US elections, called on House lawmakers to support the new legislation.
In a letter sent to members of the US House of Representatives, the organization urged Congress to back the Clarity for Digital Assets Market Act (Clarity Act). "We cannot afford to let inaction and uncertainty jeopardize our ability to secure America's economic future," the letter stated. "Above all else, the U.S. crypto industry needs market structure — which ensures there are clear rules of the road and provides the regulatory clarity that developers, users, and advocates need to continue innovating."
The letter was signed by more than 65 organizations, including Mysten Labs, Archetype, and OpenSea. Stand With Crypto is supported by Coinbase. The group has also begun endorsing certain lawmakers, such as Representative Tom Emmer (Republican, Minnesota) and Representative Ritchie Torres (Democrat, New York).
The Clarity Act aims to establish a well-defined regulatory framework for cryptocurrencies, specifically outlining the responsibilities of the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). It also requires digital asset companies to provide retail financial disclosures and to segregate corporate and client funds. This bill, along with two others, is scheduled for review next week.
Meanwhile, the Senate is working on its own version. Senate Republican Banking Committee Chairman Tim Scott and Senator Cynthia Lummis recently published the guiding principles for their version of the legislation. The committee is expected to hold hearings on Wednesday. Lawmakers appear to be moving swiftly to pass a more comprehensive cryptocurrency bill ahead of the late September deadline emphasized by current US President Donald Trump.
Trading recommendations
Buyers of BTC are now targeting a return to the $108,200 level, which would open the path toward $108,400, and from there, a quick move to $109,400 is possible. The ultimate bullish target stands at the $110,800 high. Surpassing it would signal a strong confirmation of the bullish trend.
In case of a drop, buyers are expected to defend the $107,600 level. Falling below this area could quickly push BTC down toward $107,000, with a deeper slide potentially reaching the $106,400 region.
As for ETH, a firm hold above $2,558 opens the way toward $2,590, with the final target at $2,621. A break above this level would reignite buyer interest.
Should ETH decline, buyers are expected near the $2,528 level. A return below that could lead to a rapid decline toward $2,498, with the lowest expected support around $2,460
Chart indicators:
A price test or crossover of these moving averages often signals either a market pause or a new momentum.
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