Bitcoin (BTC) demonstrated significant resilience and a clear reaction to macroeconomic developments, even as specific crypto-focused legislation stalled in Washington. As of late Sunday, BTC was trading near $107,937, marking a modest 0.54% gain over 24 hours but showcasing notable intraday volatility. The price action was largely influenced by comments from former President Donald Trump regarding the U.S. budget, which appeared to override any disappointment from the digital asset industry over a failed tax amendment. A crypto-friendly provision, championed by Senator Cynthia Lummis to ease capital gains taxes on small crypto transactions, was not included in the major budget bill that narrowly passed the Senate. Despite this legislative setback, the market's focus quickly shifted to the bill's broader fiscal implications—a projected $3 trillion increase to the national deficit.

This macroeconomic backdrop set the stage for Bitcoin's upward momentum. In a post on his Truth Social platform, President Trump urged fiscal conservatives to support the bill, promising that robust economic growth would more than compensate for the deficit spending. He stated, “We will make it all up, times 10, with GROWTH.” This rhetoric, signaling a continuation of expansionary fiscal policy, was interpreted by many investors as a strong bullish catalyst for hard assets. Crypto analyst Will Clemente captured this sentiment, remarking on the challenge of holding long-term U.S. treasuries at current yields in such an environment, while highlighting the appeal of Bitcoin and gold as essential hedges against currency debasement and fiscal irresponsibility. The market's positive response suggests traders are prioritizing the macro narrative of inflation hedging over near-term legislative wins or losses.

Bitcoin Price Analysis and Key Trading Levels

From a technical standpoint, Bitcoin’s trading chart tells a story of a battle between buyers responding to macro news and sellers taking profits. Over the past 24 hours, the BTCUSDT pair fluctuated between a low of $108,532 and a high of $110,493, indicating significant intraday interest. Earlier in the session, between June 28 and June 29, support was firmly established around the $107,300 mark, with price rebounding from this level on multiple occasions. A significant surge in trading volume, peaking at 7,538 BTC between 08:00 and 11:00 UTC on June 29, provided strong confirmation for the upward move, suggesting institutional or large-scale buying in response to the fiscal news. This level of volume underscores the conviction behind the rally, as traders positioned themselves for potential long-term currency devaluation.

Intraday Volatility and Altcoin Divergence

However, the session was not without its pullbacks. In the final hours of trading, a descending channel formed as BTC fell from an intraday high near $108,219 to $108,059. A sharp volume spike of 130 BTC around 13:35 UTC coincided with a dip to $108,030, a level that was swiftly tested and held, demonstrating underlying demand. This price action highlights critical levels for traders: initial support remains near $108,000, with a more robust floor at $107,300. Resistance is now forming near the recent highs of $110,500. While Bitcoin absorbed the spotlight, the altcoin market showed a mixed and more muted performance. Ethereum (ETH) traded down approximately 1.41% to $2,552, and its pairing against Bitcoin, ETHBTC, fell a notable 2.51%, indicating that capital was flowing from altcoins into Bitcoin as a primary macro hedge. Some altcoins bucked the trend, with AVAXBTC surging an impressive 6.73% on strong volume. Conversely, pairs like ADABTC and SOLBTC saw modest losses, declining 2.57% and 0.78% respectively, illustrating a market that is currently highly selective and focused on Bitcoin's role as digital gold.