Rangebound trading conditions from Bitcoin could boost the chance of a breakout in XRP, HBAR, BGB and XMR.
Bitcoin (BTC) has risen above $95,000, indicating that the bulls have maintained the buying pressure. Grayscale head of research Zach Pandl told Cointelegraph that Bitcoin is being “held back by strength in the US dollar,” but he expects the setback to be short-lived as the US presidential inauguration is right around the corner. Pandl sees a “structurally bullish outlook for crypto valuations.”
One of the closely watched bullish events is the possibility of establishing a strategic Bitcoin reserve in the US. CoinShares said in a blog post that if the Bitcoin Act is passed, it would “have a more profound long-term impact on Bitcoin than the launch of” the spot Bitcoin exchange-traded-funds in 2024.
Crypto market data daily view. Source: Coin360
