Bitcoin
According to Coindesk Research's technical analysis model, price measures fluctuated between $107,194 and $108,489 during the 24-hour window, with BTC fluctuating.
On June 29, 2025, President Donald Trump posted a pointed message about true social coping that deals with Republican lawmakers amid a heated debate over his sweeping tax and spending package. “Remember, in order to cut all the costs of one Republican, you still have to be re-elected. Don't go too crazy! This statement highlights a deep division within the GOP as it wrestles with an ambitious law called “One Big Beautiful Bill.”
The bill combines tax cuts of around $3.8 trillion, targeted spending cuts and increased funding for defense and border security, over 900 pages. It seeks to recruit permanent tax violations from Trump's 2017 Tax Cuts and Employment Act, including eliminating tips, overtime salaries and taxes on certain car loans. The child tax credit will rise to $2,200 under the Senate version, but the elderly deduction will increase temporarily. But to offset these tax cuts, Republicans propose major cuts in Medicaid and nutrition programs, sparking intense debate within the party.
Moderate Republicans in high-tax states are seeking a higher cap on state and local tax credits (salt), while conservatives are calling for deeper spending cuts, specifically targeting Medicaid. These internal disagreements complicate efforts to ensure the narrow Republican majority needed in both rooms to pass legislation that uniformly opposes Democrats' support of wealthy and worsening inequality.
Trump's social media messages reflect an attempt to balance these competing pressures. It emphasizes that fiscal restraints will encourage conservatives to satisfy them, while robust economic growth will compensate for losses in revenue and help reduce long-term deficits. This supply-side economic approach predicts growth will “uplift it all” despite a short-term rise in national debt. This estimates that nonpartisan analysts could add trillions to their existing $36.2 trillion debt.
Crypto analysts will respond to Clemente's response to X (formerly Twitter) shortly after Trump's post captures common market sentiment. Clemente's skepticism about the US long-term Treasury Department reflects concerns that tax cuts and modest spending cuts that have been fiscally financed by the bill's deficits demonstrate loose fiscal policies that can drive inflation and currency decline.
In this context, traditional fixed income assets such as the Treasury may seem unattractive as debt rises and potential monetary accommodation threaten the value of the bond. Conversely, hard assets such as gold and Bitcoin are considered valuable stores and hedge shops against inflation and fiscal risk. The sustained deficits and political challenges for fiscal discipline strengthen the demand for these inflation-resistant assets.
As the Senate competes to finalise the bill prior to the July 4 holiday, Trump's call for unity and moderation highlights the high interest and political agenda of passing one of the most consequential financial packages in recent US history. The fate of the bill remains uncertain as lawmakers negotiate to balance tax cuts, spending cuts and political feasibility.
Technical Analysis Highlights
- From 15:00 on June 28th to 14:00 on June 29th, BTC traded from $107,194 to $108,489, ranging from $1.21%.
- Support was established at $107,300 with multiple rebounds between the 02:00 and 03:00 windows.
- On June 29th, the volume peaked at 7,538 BTC between 8:00 and 11:00 UTC, confirming upward momentum.
- At the final session time (13:05–14:04 UTC), BTC fell from $108,219 to $108,059, forming a descending channel.
- The 130 BTC volume spike at 13:35 matched the sharp dip tested and held and $108,030 sharp dip.
- The final Intraday Rally faded slightly at 22:22 UTC to $107,937, pushing the price back to $108,000.
Disclaimer: Part of this article is generated with the support of AI tools and reviewed by the editorial team to ensure accuracy and compliance Our standards. For more information, please refer Coindesk's complete AI policy.
