Leading cryptocurrencies were up in the green on Thursday after the Clarity Act passed the Senate Banking Committee on a bipartisan vote.
Crypto Market Pops
Bitcoin hit $82,000 in the afternoon, then stalled and moved sideways. The trading volume soared 27% in the 24-hour period. Ethereum re-entered the $2,300 region, while XRP and Dogecoin also traded in the green.
These moves come after the Clarity Act cleared the Senate Banking Committee vote, moving to a full vote on the Senate floor.
Over $250 million was liquidated in the past 24 hours, predominantly in short positions, according to Coinglass data.
Bitcoin’s open interest popped 2.21% over the last 24 hours. However, sentiment in the derivatives market turned negative, with retail and whale traders on Binance positioning for price declines.
Top Gainers (24 Hours)
The global cryptocurrency market capitalization stood at $2.65 trillion, following a decline of 1.35% over the last 24 hours.
Stocks Also Rally
Stocks rose sharply on Thursday. The Dow Jones Industrial Average lifted 370.26 points, or 0.75%, to end at 50,063.46, The S&P 500 spiked 0.77% to close at 7,501.24, while the tech-heavy Nasdaq Composite ended up 0.88 at 26,635.22, both notching new closing records.
A 14% surge in Cisco Systems Inc. (NASDAQ:CSCO) and renewed AI infrastructure buying ignited a broad-based tech rally.
Bitcoin’s Path To $86,000 Taking Shape?
Widely followed cryptocurrency analyst Ali Martinez noted Bitcoin testing the lower support of an ascending channel, at around $79,000.
“If this floor holds, BTC could be positioned for a rebound back toward the channel top, which currently sits near $86,000,” the analyst said.
Failing to defend the support, could, however, “trigger a retest of lower support zones.”
Michaël van de Poppe, another prominent cryptocurrency commentator on X, said the number of arguments for Bitcoin’s rally continuation exceed the arguments for its correction.
“The trend is clearly continuing and it’s a matter of time until the markets test the highs and likely break upwards to $90,000,” Van De Poppe said. “That’s the crucial region for me, and I would still expect that area to be tested in May/June.”
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