1. Progress of the GENIUS Act in the Senate: The U.S. Senate has passed a procedural vote (66–32) to advance the GENIUS Act, a bill aimed at regulating stablecoins. This legislative process is seen as a significant step towards establishing a regulatory framework for the $250 billion stablecoin market, potentially impacting broader cryptocurrency adoption and investor confidence.
2. Increase in institutional investment: Institutional interest in Bitcoin continues to grow, with companies like Cantor Equity Partners announcing significant BTC purchases. Such investments underscore the increasing acceptance of Bitcoin as a legitimate asset.
3. Technical breakthrough and short squeeze: Bitcoin's recent surge above $70,000 triggered over $120 million in short position liquidations, driving further bullish momentum. This breakout came with increased buying pressure, especially on major exchanges like Binance.
Technical analysis BTC/USD
Main trend: Strongly bullish, with a 40% increase in the past month.
Key support: $101,300, where previous corrections were halted.
Short-term resistance: $105,800, if breached could open up new targets.
Buy order (Long):
Entry: $105,000
Take profit (TP): $110,000
Stop loss (SL): $101,000
Sell order (Short) (if reversal signal appears):
Entry: below $101,000
Take profit (TP): $98,000
Stop loss (SL): $104,000
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