Bitcoin, Ethereum, Dogecoin Rally As Senate Advances Key Crypto Bill: Analyst Says BTC Could Touch A Fresh All-Time High In Coming Days

Leading cryptocurrencies rose Monday amid the advancement of a stablecoin legislation in the Senate.

What Happened: Bitcoin recaptured $106,000 after tapping liquidity and bouncing off the support around $102,000.

Ethereum fought off the Sunday correction, surging over 7% to reclaim the mid-$2,500s. The second-largest cryptocurrency's market dominance once again rose above 9%.

These moves coincided with the Senate’s vote to advance the GENIUS Act, often known as the stablecoin bill, opening the door for its final passage.

Nearly $300 million was liquidated from the cryptocurrency market in the last 24 hours, with over $150 million in bullish bets getting erased.

Bitcoin's Open Interest rose 5.92% in the last 24 hours, while funds locked in Ethereum's derivatives spiked by over 8%. 

Interestingly, over 57% of top traders on Binance with an open BTC position were short on the apex cryptocurrency.

The "Greed" sentiment prevailed in the market, according to the Crypto Fear and Greed Index, indicating strong buying demand.

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The global cryptocurrency market capitalization stood at $3.35 trillion, following a marginal dip of 0.08% in the last 24 hours.

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Stocks began the new trading week on a high. The Dow Jones Industrial Average rose 137.33 points, or 0.32%, to end at 42,792.07. The S&P 500 recorded its sixth consecutive day of gains, closing 0.09% higher at 5,963.60. The tech-focused Nasdaq Composite eked out a gain of 0.02% to end at 19,215.46.

Bond yields rose after Moody's downgraded the U.S. long-term credit rating, with the 30-year Treasury yields spiking to 5%—a level unseen since October 2023—while the benchmark 10-year yield topped 4.5%.

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Analyst Notes: In a note to Benzinga, Arthur Azizov, founder and investor of B2 Ventures, said that Bitcoin bulls were now in control, with strong support at $102,000 and robust resistance around $106,000.

"If buyers manage to push through this range, especially with the return of the Coinbase premium, which hints at renewed U.S. demand, then a new ATH could be set within a week or slightly more," Azizov said. 

He added that BTC has the ingredients to break through $108,000 and test the $110,000 level, where a psychological resistance may arise.

Cryptocurrency analyst and trader Michaël van de Poppe weighed in on the "typical" Sunday rally and subsequent retrace on Monday.

"Now, that move is over and Bitcoin is back at $105,000, ready to test the all-time high in the coming 1-2 weeks. Altcoins to outperform," Van De Poppe predicted.

Photo Courtesy: alfernec on Shutterstock.com

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