The crypto market is buzzing with fresh optimism as Bitcoin, Ethereum, and Dogecoin all post notable gains. With Bitcoin creating a local bottom at $104,480 and rebounding by 0.50%, Ethereum rising by 1.48%, and Dogecoin inching up 0.86%, the digital asset market appears to be entering a new phase of bullish momentum. This uptick is driven by a mix of favorable legislative developments and aggressive spot market buying activity — signs that both policy and investor sentiment are aligning in crypto’s favor.
GENIUS Act Vote Sparks Confidence
One of the major catalysts behind today’s rally is the recent progress on the GENIUS Act — short for Guiding and Establishing National Innovation for U.S. Stablecoins. The bill just cleared a significant hurdle in the U.S. Senate, passing a procedural “cloture” vote with a solid 66-32 margin. This indicates growing bipartisan support and sets the stage for a full Senate vote.
While the GENIUS Act focuses on the regulation of stablecoins, its success is seen as a broader win for the crypto industry, signaling Washington’s evolving stance from confrontation to cautious cooperation. Investors, naturally, are taking this as a green light — one that boosts confidence in the sector’s regulatory future.
Spot Market Buyers Seize the Moment
While legislative wins are important, the real fuel for today’s price action lies in the behavior of spot market investors. Data from CoinGlass shows a divergence in trading dynamics: the cumulative volume delta (CVD) for perpetual futures is on the decline, while the CVD for spot trading is trending upward. This suggests that more buyers — particularly long-term holders and institutional players — are entering the market and buying dips, rather than relying on leveraged short-term trades.
This is further supported by order book data, which shows consistent buying pressure near the 2% price dip levels. These “buy-the-dip” behaviors reflect strong investor conviction, as many position themselves for a potential breakout — especially with Bitcoin edging closer to its all-time high.
A Look at Market Metrics
The total market capitalization for cryptocurrencies has grown by 1.3%, now sitting at approximately $3.48 trillion, according to CoinGecko. As Bitcoin recovers and altcoins follow suit, the broader market sentiment appears to be shifting from cautious optimism to outright enthusiasm.
Bitcoin is now trading near $105,000, and key upside targets, based on gamma exposure (GEX) in options data, include $110K, $115K, $120K, and $125K. These are levels where large concentrations of call options are clustered, indicating where price momentum could accelerate further. On the flip side, critical support lies at $100K and $95K, areas heavily populated with put options that may act as safety nets during corrections.
Ethereum, despite a minor intraday retracement to $2,542, continues to hold above a crucial support level. Meanwhile, Dogecoin — a meme coin that often mirrors broader retail sentiment — is currently trading at $0.224 after a brief drop from its daily peak of $0.230.
What’s Next for Crypto?
If Bitcoin manages to revisit or break past its $109,000 all-time high, the implications could be enormous. Not only would this validate the bullish case, but it could also attract a new wave of retail enthusiasm — the kind that often ignites altcoin rallies and full-blown “altseasons.” With legislative clarity improving, and institutional capital flowing steadily into the market, the stage may be set for sustained upside in the coming weeks.
In this climate of renewed optimism, the key takeaway is clear: investors are no longer sitting on the sidelines. Whether it’s the GENIUS Act’s progress or confident spot buying, multiple factors are aligning in favor of the crypto market — and Bitcoin, Ethereum, and Dogecoin are leading the charge.
