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Highlights
- Bitcoin's price is up 0.50% with a local low of $104,480.
- Ethereum and Dogecoin prices are also surging, up 1.48% and 0.86%, respectively.
- The crypto market capitalization is up 1.3% to $3.48 trillion. Key levels to watch for Bitcoin include $110k, $115k, $120k, and $125k to the upside, and $100K and $95K to the downside.
After creating a local low of $104,808, Bitcoin (BTC) price is up 0.50%. Ethereum (ETH) and Dogecoin (DOGE) prices are also up following BTC’s footsteps, at the time of writing. This optimism is due to the successful passing of the GENIUS stablecoin act at a key procedural vote (cloture). The bill was passed with a 66-32 margin. Another reason is the aggressive dip buying spree from spot investors as BTC price inches closer to an all-time high retest.
Here’s Why Bitcoin, Ethereum, and Dogecoin Price Surging Today
As noted above, Bitcoin, Ethereum, and Dogecoin Prices are surging today due to two reasons:
- GENIUS Act vote passing in the procedural vote.
- Spot investors (both retail and major US institutions) buying BTC dips.
The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act achieved a significant milestone today in the U.S. Senate vote. With a 66-32 margin in the procedural vote, the GENIUS bill will be moved toward a full Senate floor vote. This is a bullish development for the crypto markets. The market capitalization of the cryptocurrency sector is 1.3% today and currently sits around $3.48 trillion, according to CoinGecko data.
The second and the most important reasons is Bitcoin catching a bid from spot investors. Data from CoinGlass shows perpetual CVD (Cumulative Volume Delta) dropping while Spot CVD being on an uptrend.
Additionally, the spot orderbook depth at 2% shows constant upticks on Bitcoin price dips. This indicates that the investors are buying BTC during market corrections. Although perpetual investors are also accumulating BTC on dips, their positions tend to be short-lived and hence, less impactful over the longer term. Regardless, their contribution has helped push Bitcoin prices higher, leading to an uptick in Ethereum and Dogecoin prices.
With Bitcoin and other altcoins rallying, the crypto market seems optimistic and ready to shoot higher. Bitcoin price, especially, is inches away from revisiting its all-time high.
ETH exchanges hands at $2,542 after a 2% intraday pullback. Regardless of the short-term correction, Ethereum stands above a key support level. DOGE trades at $0.224 today after dropping nearly 3% from the intraday top of $0.230.
What’s Next for Crypto Markets?
If Bitcoin revisits $109K ATH, it would attract a lot of hype and retail investors. A massive spike in buying pressure could easily propel it beyond this high to set up a new one. This development could see crypto market flip green for a longer duration than seen in the past few weeks. This could also allow altcoins to explode, bringing forth an altseason.
Based on the options data, Gamma Exposure (GEX) shows key levels to the upside include – $110k, $115k, $120k and $125k. These are areas where calls are clustered. To the downside, puts are clustered around $100K and $95K are two key levels to watch. These areas tend to serve as key support and resistance levels, which could influence BTC price moves.
Frequently Asked Questions (FAQs)
1. Why are Bitcoin, Ethereum, and Dogecoin prices surging?
2. What is the GENIUS Act?
3. How are spot investors influencing Bitcoin's price?
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