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Bitcoin (BTC) fundamentals received a boost when the U.S. Senate passed the $ 1.9 trillion stimulus plan on March 7. If traders react to this bill the same way they did to the first stimulus package in April 2020, crypto markets could witness a strong rally.

The stimulus package also intensifies the focus on the devaluation of the US dollar. These concerns could lead some investors to park their money in hard assets or Bitcoin instead of holding them in fiat currencies, according to veteran trader Peter Brandt.

Day view of crypto market data. Source: Coin360

In addition to investors, more and more listed companies are choosing to protect their fiat reserves by buying bitcoin. Following high profile purchases from MicroStrategy, Tesla and Square, a Chinese public company named Meitu announced it had acquired $ 40 million worth of Bitcoin and Ether.

If other companies around the world follow suit and invest some of their treasury reserves in Bitcoin, it could create a massive imbalance between supply and demand and drive prices up.

Let’s examine the charts of the top 5 cryptocurrencies that can resume their uptrend in the short term.