Last weeks high: $106,812.33
Last weeks low: $100,372.93
Midpoint: $103,592.63
Billionaire spats and V-shaped recoveries, the beginning of June starts off in an interesting way. As President Trump goes forward with "The big beautiful bill" Elon Musk lets his feelings be known publicly sending shockwaves throughout markets, but what does this mean for Bitcoin?
The bill could add $3-5T in US government spending which is great for risk-on assets as there is more money able to flow into markets. I believe this exact thought process is visible on the chart in the V-shaped recovery we can see on Thursday. A clear sell-off as Elon Musk's anti government spending views clash with the bill, the uncertainty causes a sell the news moment, just as BTC comes into $100,000 the dip is bought up on the realization this means greater inflows are on the way, dips are truly for buying at this stage in the cycle and to me, this proves it.
In a more bearish view of the chart I would say the clear resistance is now weekly high at ~$106,000. Anything above that meets huge selling pressure with price discovery on the other side the market just doesn't seem to have the fuel as of yet to make the next step. However I believe it is just a matter of time and as M2 global money supply grows we get closer and closer to seeing new significant highs.
For this week CPI & PPI take place on Wednesday and Friday respectively. With CPI set to grow from 2.3% to 2.5% according to forecasts it will be interesting to see how markets react, expect short term volatility. Key battlegrounds for me are weekly high and midpoint.
Good luck this week everybody!
Last weeks low: $100,372.93
Midpoint: $103,592.63
Billionaire spats and V-shaped recoveries, the beginning of June starts off in an interesting way. As President Trump goes forward with "The big beautiful bill" Elon Musk lets his feelings be known publicly sending shockwaves throughout markets, but what does this mean for Bitcoin?
The bill could add $3-5T in US government spending which is great for risk-on assets as there is more money able to flow into markets. I believe this exact thought process is visible on the chart in the V-shaped recovery we can see on Thursday. A clear sell-off as Elon Musk's anti government spending views clash with the bill, the uncertainty causes a sell the news moment, just as BTC comes into $100,000 the dip is bought up on the realization this means greater inflows are on the way, dips are truly for buying at this stage in the cycle and to me, this proves it.
In a more bearish view of the chart I would say the clear resistance is now weekly high at ~$106,000. Anything above that meets huge selling pressure with price discovery on the other side the market just doesn't seem to have the fuel as of yet to make the next step. However I believe it is just a matter of time and as M2 global money supply grows we get closer and closer to seeing new significant highs.
For this week CPI & PPI take place on Wednesday and Friday respectively. With CPI set to grow from 2.3% to 2.5% according to forecasts it will be interesting to see how markets react, expect short term volatility. Key battlegrounds for me are weekly high and midpoint.
Good luck this week everybody!
Note
Retesting the weekly high as support. Very important S/R level. 
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.