Bitcoin has resumed its upward movement, pulling other cryptocurrency assets along with it. Today's rise during the Asian session clearly points to a breakout of several major technical resistance levels across a number of instruments, triggering a wave of liquidations and a strong rally in the cryptocurrency market.

Positive sentiment among traders and investors is also being driven by news that the U.S. Senate is preparing to vote on the GENIUS stablecoin bill, which could take place this Wednesday. This bill is expected to provide regulatory clarity for stablecoins — a critically important step for their broad adoption and integration into the financial system. Regulatory uncertainty has long hampered the stablecoin market, as institutional investors have been wary of unforeseen legal risks. If passed, the bill could open new opportunities for the use of stablecoins in areas ranging from international payments to decentralized finance. A regulated and stable environment would attract more users and capital to the stablecoin market, which in turn would benefit the broader crypto industry. Increased transparency and investor protection would also boost confidence in stablecoins as a reliable means of exchange and store of value.

Furthermore, the passage of the GENIUS bill could set a precedent for other countries seeking to establish a legal framework for cryptocurrency regulation. Clear and thoughtful regulation is essential for encouraging innovation and preventing abuse in the crypto market. Therefore, the U.S. Senate's decision is significant not only for the American crypto sector but for the global industry as well. Traders and investors are closely watching developments, hoping for a favorable outcome that could open new horizons for stablecoins and the broader crypto market.

According to media reports, Senate Majority Whip John Thune has laid the groundwork for a key procedural vote on the GENIUS Act this Wednesday. A post on X (formerly Twitter) from the Senate Republican office stated that on Monday, Thune filed a motion to close debate on the main bill — the U.S. Stablecoin Guidance and National Innovation Act — and its bipartisan amendment.

Last month, lawmakers voted 66-32 to end debate — a procedural step that cleared the way for further discussions on the bipartisan stablecoin bill. Crypto industry leaders hailed the vote as a historic victory that could help solidify the dominance of the U.S. dollar.

The upcoming vote requires at least 60 votes to advance the bill, potentially paving the way for its swift passage. If adopted, the bill would mandate that stablecoins be fully backed by U.S. dollars or similarly highly liquid assets. It would also require annual audits for issuers with a market capitalization exceeding $50 billion.

Trading Recommendations:

Bitcoin (BTC):Buyers are now aiming to reclaim the $109,800 level, which opens a direct path to $110,500, and from there it's a short distance to $111,100. The ultimate target is the $111,900 high; a breakout above it would confirm a strengthening bullish trend. In case of a pullback, buyers are expected around $109,100. A drop below this level could quickly push BTC down to the $108,400 zone, with the final target being around $107,700.

Ethereum (ETH):Clear consolidation above the $2,684 level opens the way toward $2,705. The ultimate target is the $2,731 high; a breakout above that level would signal the formation of a bullish trend. In the event of a decline, buyers are expected around $2,653. A drop below this support may quickly push ETH down to the $2,630 area, with a further downside target at $2,608.

Chart Indicators:

• Red levels: Support and resistance zones where price may either stall or accelerate.
• Green line: 50-day moving average.
• Blue line: 100-day moving average.
• Light green line: 200-day moving average.

Crossing or testing moving averages typically either halts market movement or triggers momentum in that direction.