Crypto Today: Bitcoin, Ethereum, XRP could extend rebound amid the monumental "Crypto Week"

• Bitcoin shows signs of stability and potential for a reversal above $120,000 ahead of the US House vote on key crypto regulations.
• Ethereum steps above $3,100, supported by a robust technical structure and growing interest from both retail and institutional investors. 
• XRP bulls aim for record highs of $3.40, as interest in Micro XRP futures on CME picks up the pace. 

The cryptocurrency market is relatively calm on Wednesday as Bitcoin (BTC) attempts to extend its recovery above $119,000, following a sell-off to $115,736 the previous day. Altcoins, including Ethereum (ETH) and Ripple (XRP), offer bullish cues, reflecting steady interest from both institutional and retail traders.

Market overview: What's driving Bitcoin, Ethereum and Ripple gains 

An amalgamation of factors, including positive market sentiment surrounding the United States (US) House's "Crypto Week," a supportive regulatory environment, increased institutional adoption, geopolitical and tariff uncertainty, de-dollarization campaigns and key technological advancements catalysed Bitcoin price rally to new all-time highs of $123,218, according to a report by Deutsche Bank Research.

"While volatility remains inherent, these conditions suggest Bitcoin's integration into portfolios is maturing, and potentially signals a more sustainable trend beyond previous instances of short-term market speculation," Deutsche Bank Research said in the report released Tuesday.

The buzz around the US House's "Crypto Week," which could see lawmakers potentially pass three key crypto regulations, including the GENIUS Act, helped buoy crypto prices, even advancing Bitcoin to historical highs. 

However, the House voted 196–222 against advancing the bill on Tuesday, temporarily delaying progress on the broader crypto legislative package.

US President Donald Trump announced on Wednesday that he had struck a deal with 11 House Representatives to remove the bottleneck on the crypto bills.

"I am in the Oval Office with 11 of the 12 Congressmen/women necessary to pass the GENIUS Act and, after a short discussion, they have all agreed to vote tomorrow morning in favor of the Rule," Trump said.

Supporters of the crypto bills believe that their passage could enhance regulatory clarity for crypto in the US, foster innovation, and protect the interests of consumers. The GENIUS Act, which the US Senate passed in June, would foster guidelines for the issuance of stablecoins. 

"With the White House's 'Crypto Week' starting yesterday, and the House set to advance the landmark GENIUS Act bill to regulate stablecoins this week, we expect momentum for Bitcoin and the broader crypto industry to continue into the second half," Deutsche Bank Research said in the report.

Chart of the day: Bitcoin edges higher toward $120,000

Bitcoin price is making steps toward the pivotal level of $120,000, following a steady rebound from the support level tested at around $115,736 on Tuesday. The path of least resistance is upward, supported by the Relative Strength Index (RSI) reversal to 66 after falling to 61. This shows that bulls are gradually regaining control and portray the potential to break above $120,000 in upcoming sessions.

All the moving averages, including the 50-period Exponential Moving Average (EMA) currently at $111,602, the 100-period EMA at $108,277 and the 200-day EMA at $103,609 on the 12-hour chart, support the bullish structure. Bitcoin could also find support at these key levels in case declines accelerate due to changing market dynamics and profit-taking.

BTC/USDT 12-hour chart

Altcoins update: Ethereum reclaims $3,000 support as bulls tighten grip

Ethereum bulls are tightening their grip on the smart contract token, currently advancing the bullish leg above $3,000. The uptrend underscores the steady interest from both retail and institutional investors.

The RSI is overbought at 77 and continues to trend higher on the 12-hour chart, signaling bullish momentum. At the same time, traders could increase exposure, citing the Moving Average Convergence Divergence (MACD) indicator's buy signal, which has been maintained since June 24.

If the uptrend steadies and Ethereum closes above $3,000, bulls will likely expand their scope to $3,500 and $4,000, which were previously tested as resistance levels in January and December.

ETH/USDT 12-hour chart

As for XRP, bulls appear to have the upper hand, as they push toward a breakout above the $3.00 resistance level. Technical indicators such as the MACD and the RSI reinforce the bullish influence on the cross-border money remittance token.

XRP/USDT 12-hour chart

Apart from the positive market sentiment, institutional interest backs the uptrend in XRP. The Micro XRP futures, which recently launched on the CME Group exchange, saw notional traded volume surpass $250 million on Friday, with the cumulative total volume since launch exceeding $1.6 billion.

Traders will look for a break above the $3.00 resistance level to determine the strength of the short-term uptrend. Such a move could see their focus shift to the all-time highs at $3.40.