to leave a comment.
▲ Bitcoin (BTC), XRP (XRP)/ChatGPT generated image
Bitcoin (BTC) and XRP are showing signs of recovery ahead of the U.S. Senate Banking Committee's vote on a cryptocurrency bill. The market is closely watching the discussions and vote related to the U.S. cryptocurrency market structure bill scheduled for May 14th in Washington, focusing on whether major cryptocurrency prices will hold their key support levels.
CoinGape reported on the 10th that investor sentiment across the cryptocurrency market has improved, giving new momentum to Bitcoin and XRP price forecasts. According to the original text, the global cryptocurrency market capitalization increased by 1.58% over 24 hours ahead of the U.S. Senate Banking Committee vote. Bitcoin attempted to recover to the $80,000 range after a previous bearish trend, and Ethereum (ETH) also moved around the $2,300 mark.
The U.S. Senate Banking Committee is scheduled to review H.R.3633 at its morning meeting on May 14th. The bill aims to make the regulatory environment surrounding digital assets and cryptocurrency exchanges more transparent. Several amendments to the latest bill text will also be discussed at the meeting.
CoinGape stated that if the bill passes the committee, it could then proceed to a full Senate vote. However, uncertainties remain regarding some regulatory provisions, raising the possibility of further changes before the key committee vote scheduled for Thursday. The original text explained that this bill has been placed back on the Senate agenda after several delays over the past few months.
In terms of price outlook, Bitcoin's key range was presented as the $80,000 support level. CoinGape analyzed that if buying pressure maintains the support above $80,000, Bitcoin could again head towards the resistance range of $80,500 to $82,000. Conversely, if it breaks out of this range, pressure could increase towards the Fibonacci support level of $79,752.
For XRP, maintaining the $1.40 support level was presented as a variable that will determine short-term trends. CoinGape analyzed that if XRP holds this support, it could attempt further gains towards $1.50. Conversely, if sufficient momentum does not build, it could fall to the $1.35 range in future trading.
The vote on the U.S. cryptocurrency market structure bill has emerged as a key event that could influence not only short-term price movements but also investor sentiment. The crucial factor is whether Bitcoin defends the $80,000 support level and XRP defends the $1.40 support level, and depending on the outcome of the bill's discussions, the cryptocurrency market's recovery trend could strengthen further or come under renewed pressure.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
Newsletter
Get key news delivered to your email every morning
to leave a comment.