- BTC gained 0.54% over the past 24 hours, rising to $107,937 with support at $107,300.
- Trumps June 29 message urging GOP lawmakers to ignore deficit concerns drew analyst praise for BTC.
- Technical action showed a descending channel before recovering toward $108K late in the session.
Bitcoin traded at $107,937 as of 22:22 UTC on Sunday, up 0.54% over the past 24 hours, as attention turned to fiscal policy tensions in Washington following President Trump's latest post on Truth Social.
Price action remained volatile, with BTC fluctuating between $107,194 and $108,489 during the 24-hour window, according to CoinDesk Research's technical analysis model.
Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today. See all newslettersOn June 29, 2025, President Donald Trump posted a pointed message on Truth Social addressing Republican lawmakers amid intense debate over his sweeping tax-and-spending package. For all cost cutting Republicans, of which I am one, REMEMBER, you still have to get reelected. Dont go too crazy! We will make it all up, times 10, with GROWTH, more than ever before, he wrote. This statement underscores the deep divisions within the GOP as it wrestles with the ambitious legislation dubbed the One Big Beautiful Bill.
The bill, exceeding 900 pages, combines roughly $3.8 trillion in tax cuts with targeted spending reductions and increased funding for defense and border security. It seeks to make permanent many of the tax breaks from Trumps 2017 Tax Cuts and Jobs Act, including eliminating taxes on tips, overtime pay, and certain auto loans. The child tax credit would rise to $2,200 under the Senate version, while deductions for seniors would increase temporarily. However, to offset these tax cuts, Republicans propose significant cuts to Medicaid and nutrition programs, sparking fierce debate within the party.
Moderate Republicans from high-tax states are pushing for a higher cap on state and local tax deductions (SALT), while conservatives demand deeper spending cuts, particularly targeting Medicaid. These internal disagreements complicate efforts to secure the narrow Republican majorities needed in both chambers to pass the bill, which Democrats uniformly oppose as favoring the wealthy and worsening inequality.
Trumps social media message reflects an attempt to balance these competing pressures urging fiscal restraint to satisfy conservatives while emphasizing that robust economic growth will compensate for revenue losses and help reduce deficits over time. This supply-side economic approach projects that growth will make it all up despite near-term increases in the national debt, which nonpartisan analysts estimate could add trillions to the existing $36.2 trillion debt.
Crypto analyst Will Clementes reaction on X (formerly Twitter) shortly after Trumps post captures a common market sentiment: How can you read this and hold long term US treasuries at current yields lol... Also, how can you read this and not hold any Bitcoin or gold. Clementes skepticism toward long-term U.S. Treasuries reflects concerns that the bills deficit-financed tax cuts and modest spending cuts signal a loose fiscal policy that could fuel inflation and currency debasement.
In this context, traditional fixed-income assets like Treasuries may appear less attractive, as rising deficits and potential monetary accommodation threaten bond values. Conversely, hard assets such as gold and Bitcoin are increasingly viewed as stores of value and hedges against inflation and fiscal risk. The expectation of sustained deficits and political challenges to fiscal discipline bolster demand for these inflation-resistant assets.
With the Senate racing to finalize the bill before the July 4 holiday, Trumps call for unity and moderation highlights the high stakes and political challenges in passing one of the most consequential fiscal packages in recent U.S. history. The bills fate remains uncertain as lawmakers negotiate to balance tax relief, spending cuts, and political feasibility.
Technical Analysis Highlights
- From June 28 15:00 to June 29 14:00 UTC, BTC traded from $107,194 to $108,489, a 1.21% intraday range.
- Support was established at $107,300, with multiple rebounds during the 02:0003:00 window.
- Volume peaked at 7,538 BTC between 08:00 and 11:00 UTC on June 29, confirming upward momentum.
- During the final session hour (13:0514:04 UTC), BTC fell from $108,219 to $108,059, forming a descending channel.
- A 130 BTC volume spike at 13:35 coincided with a sharp dip to $108,030, which was tested and held.
- Final intraday rally pushed price back toward $108K before fading slightly by 22:22 UTC to $107,937.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
Siamak Masnavi is a researcher specializing in blockchain technology, cryptocurrency regulations, and macroeconomic trends shaping the crypto market. He holds a PhD in computer science from the University of London and began his career in software development, including four years in the banking industry in the City of London and Zurich. In April 2018, Siamak transitioned to writing about cryptocurrency news, focusing on journalism until January 2025, when he shifted exclusively to research on the aforementioned topics.
CoinDesk Analytics is CoinDesk's AI-powered tool that, with the help of human reporters, generates market data analysis, price movement reports, and financial content focused on cryptocurrency and blockchain markets.
All content produced by CoinDesk Analytics is undergoes human editing by CoinDesk's editorial team before publication. The tool synthesizes market data and information from CoinDesk Data and other sources to create timely market reports, with all external sources clearly attributed within each article.
CoinDesk Analytics operates under CoinDesk's AI content guidelines, which prioritize accuracy, transparency, and editorial oversight. Learn more about CoinDesk's approach to AI-generated content in our AI policy.
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