Bitcoin, Ethereum, XRP, Dogecoin Slip After Crypto Bill Stalls In Senate: BTC Could Jump To $105,000 If This Pattern Holds, Says Analyst

Leading cryptocurrencies dipped on Thursday after a key cryptocurrency bill stalled in the Senate following opposition from industry giants.

Crypto Market Cracks

Bitcoin retreated after lifting to a 2-month high of $97,000, with trading volume dropping 13% over the last 24 hours.

Ethereum continued to stagnate in the $3,300 region, while XRP and Dogecoin slipped 2.66% and 4.23%, respectively.

The sell-offs came after the Senate Banking Committee postponed markup on the cryptocurrency market structure bill after opposition from the industry.

Shares of cryptocurrency-related companies, including Strategy Inc. (NASDAQ:MSTR)  and Coinbase Global Inc. (NASDAQ:COIN), closed down 4.70% and 6.48%, respectively

Over $320 million was liquidated from the cryptocurrency market in the last 24 hours, according to Coinglass, with long liquidations accounting for 81% of the total.

Meanwhile, Bitcoin's open interest fell 2.31% in the last 24 hours, although more than 50% of Binance traders with open BTC positions remained long.

The market sentiment shifted back to "Neutral" from "Greed," according to the Crypto Fear & Greed Index.

Top Gainers (24 Hours) 

The global cryptocurrency market capitalization stood at $3.23 trillion, contracting by 1.26% in the last 24 hours.

Stocks Recover, Oil Slips

Stocks rebounded on Thursday. The Dow Jones Industrial Average rallied 292.81 points, or 0.60%, to close at 49,442.44. The S&P 500 lifted 0.26% to settle at 6,944.47, while the tech-focused Nasdaq Composite rose 0.25% to end the day at 23,530.02.

Jobless claims for the week ending Jan. 10 declined by 9,000 from the previous week to 198,000, lower than market estimates of 215,000.

Oil prices eased, with the U.S. West Texas Intermediate falling below $60 a barrel after President Donald Trump softened his stance on Iran.

Altcoin Rally Incoming?

In a note shared with Benzinga, analysts at cryptocurrency payment company B2BINPAY viewed that Bitcoin's market structure remains bullish, citing accumulation by large holders and leverage reset.

"Overall, the structure favors continuation," the analysts noted. "As long as Bitcoin is above the $94,000–95,000 area, a move to $100,000–$105,000 is realistic within weeks."

Widely followed cryptocurrency commentator Ted Pillows highlighted total altcoin market capitalization holding above an ascending trendline.

"If BTC holds above the $95,000 level, I think a relief rally in alts will happen," Pillows projected.

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