According to @KobeissiLetter, former President Trump's social media post vowing that economic growth will offset deficits from his proposed tax cuts is bolstering the case for Bitcoin (BTC) and gold as inflation hedges. The source highlights that this loose fiscal policy approach, which could add trillions to the existing $36.2 trillion national debt, fuels concerns about currency debasement, making hard assets more attractive. This sentiment persists despite a recent 10-year U.S. Treasury auction showing strong demand, which, according to Exante Data, outstripped supply by more than 2.5 times, suggesting investor confidence in U.S. debt remains for now. From a technical perspective, BTC has been trading in a volatile range between $107,194 and $108,489, with a key support level established at $107,300.

According to @KobeissiLetter, a strong auction of 10-year U.S. Treasury notes has temporarily undermined the narrative that investors are abandoning U.S. debt for Bitcoin (BTC) and gold. Demand for the notes outstripped supply by over 2.5 times, as cited by Exante Data. Despite this, institutional interest in cryptocurrency remains robust, evidenced by JPMorgan's recent filing for a crypto platform and MicroStrategy's purchase of over 10,100 BTC. Market analysts at BRN maintain a high-conviction view that BTC prices will grind higher into 2025, arguing the current risk/reward asymmetry favors staying invested. From a technical standpoint, Bitcoin's 50-day simple moving average (SMA) is acting as a crucial support level, and a break below this could trigger significant selling pressure.