While Bitcoin and Ethereum continue to struggle for bullish momentum, news has emerged that a group of top crypto industry executives is set to meet with pro-crypto Democratic senators. The meeting, scheduled for tomorrow, aims to discuss the future of cryptocurrency market structure legislation.
This dialogue could certainly provide much-needed support to the market on the condition that it proves successful. The discussions are expected to cover key topics such as the classification of digital assets, licensing requirements for crypto exchanges, anti-money laundering measures, and taxation policies. The outcome of this meeting may significantly influence the direction of crypto market development. If a constructive dialogue leads to the formation of rational and balanced legislation, it could spark an influx of investment and wider crypto adoption. On the other hand, a lack of progress may usher in further uncertainty and regulatory hurdles.
Among the industry leaders expected to attend are Coinbase CEO Brian Armstrong, Chainlink CEO Sergey Nazarov, Galaxy Digital CEO Mike Novogratz, Kraken CEO David Ripley, Uniswap CEO Hayden Adams, Circle's Chief Strategy Officer Dante Disparte, Ripple's Chief Legal Officer Stuart Alderoty, Jito's Head of Public Policy Rebecca Rettig, a16z Crypto's General Counsel Miles Jennings, and Solana Policy Institute President Kristin Smith. Terrett noted that additional participants may also join.
The meeting will also underscore the ongoing engagement between pro-crypto lawmakers and industry leaders. Many of them have been vocal advocates for creating regulatory clarity for crypto firms.
Lately, US lawmakers have been slow in advancing legislation to establish a clear regulatory framework for the crypto market. Another delay could push the bill's adoption beyond the upcoming midterm elections.
Trading recommendations
As for Bitcoin's technical outlook, buyers are currently aiming to reclaim the $109,300 level, which would open the way toward $111,600 and, from there, just a small step to the $113,800 mark. The furthest upward target remains the resistance area around $116,300 — a breakout beyond this point would signal renewed bullish strength. In the event of a decline, support is expected around $106,700. A return below this range could quickly drive BTC down toward $103,400, with the most distant bearish target located near the $100,000 level.
In the case of Ethereum, a clear consolidation above the $4,016 level paves the way toward $4,180. The furthest upside objective is the high near $4,318 — a breakout above this level would confirm a strengthening bullish trend and renewed buying activity. On the downside, support is expected around $3,858. If ETH falls below that, it could quickly drop to around $3,717, with the lowest target set around the $3,505 zone.
What's on the chart
- The red lines represent support and resistance levels, where price is expected to either pause or react sharply.
- The green line shows the 50-day moving average.
- The blue line is the 100-day moving average.
- The lime line is the 200-day moving average.
Price testing or crossing any of these moving averages often either halts movement or injects fresh momentum into the market.
