Bitcoin Trades at $107,937 Amid Fiscal Policy Tensions in Washington
Bitcoin (BTC) traded at $107,937, up 0.54% in the past 24 hours, amid fiscal policy tensions in Washington following President Trump's post on Truth Social. Price fluctuations ranged between $107,194 and $108,489.
Key points from Trump's message include:
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<li Urging Republican lawmakers to consider reelection while debating a $3.8 trillion tax-and-spending package.
<li The bill aims for permanent tax cuts from Trump's 2017 Tax Cuts and Jobs Act, alongside significant spending reductions.
<li Proposed increases to the child tax credit and temporary deductions for seniors, offset by cuts to Medicaid and nutrition programs.
<li Moderate Republicans seek higher SALT deduction caps; conservatives demand deeper spending cuts, complicating legislative efforts.
Analyst Will Clemente expressed skepticism about holding long-term U.S. Treasuries, suggesting that the proposed fiscal measures could lead to inflation and currency debasement, making hard assets like Bitcoin more attractive as stores of value.
Technical analysis highlights:
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<li BTC had a 1.21% intraday range from $107,194 to $108,489.
<li Support established at $107,300 with multiple rebounds.
<li Volume peaked at 7,538 BTC between 08:00 and 11:00 UTC, indicating upward momentum.
<li A descending channel formed as BTC fell from $108,219 to $108,059 during the final session hour.
<li A volume spike at 13:35 coincided with a dip to $108,030, which held as support.
<li Final rally pushed price back toward $108K before settling slightly lower at $107,937.