Bitcoin (BTC) is demonstrating significant resilience, holding strong above the $107,000 mark as favorable political winds from the United States bolster market sentiment. Former President Donald Trump's increasingly vocal pro-crypto stance, coupled with his administration's fiscal policy direction, is creating a powerful narrative that positions Bitcoin as a key hedge against potential currency debasement and inflation. Following Trump's recent comments, BTC traded as high as $108,489 before settling around $107,937, reflecting a market that is actively pricing in a more permissive regulatory environment and a loose fiscal future. This sentiment was further amplified by Trump's message on Truth Social, where he suggested massive economic growth would offset deficit spending from his proposed tax cuts, a strategy that many analysts believe strengthens the long-term investment case for hard assets like Bitcoin and gold.

BTC Price Action and Technical Levels to Watch

A closer look at the intraday trading data reveals a dynamic but structured market for Bitcoin. Over a 24-hour period ending on June 29, BTCUSD traded within a tight but volatile range of 1.21%, moving between $107,194 and $108,489. A critical support level was established near $107,300, which held firm during multiple tests in the early hours between 02:00 and 03:00 UTC. This consolidation provided a base for a subsequent push higher. Trading volume confirmed this upward momentum, peaking at 7,538 BTC between 08:00 and 11:00 UTC on June 29, indicating strong buying interest as the market digested the positive news flow. However, towards the end of the session, a minor pullback occurred, with BTC forming a descending channel as it fell from $108,219 to $108,059. A notable volume spike of 130 BTC at 13:35 UTC coincided with a dip to $108,030, a level that was quickly defended, showcasing the presence of buyers ready to step in on any weakness. For traders, the key levels to monitor are the support at $107,300 and the recent high of $108,489, which now acts as immediate resistance.

Fiscal Policy as a Catalyst for Hard Assets

The market's reaction extends beyond mere political endorsement. The core of the bullish thesis lies in the fiscal implications of Trump's proposed policies. His plan, which combines approximately $3.8 trillion in tax cuts with more targeted spending reductions, is projected by nonpartisan analysts to add trillions to the national debt. This prospect has led to sharp commentary from market observers. Crypto analyst Will Clemente noted the apparent contradiction in holding long-term U.S. treasuries at current yields while the government signals a commitment to deficit-financed growth. In a post on X, he stated, "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." This perspective captures the prevailing market logic: if the world's largest economy is set on a path of fiscal expansion and potential currency devaluation, assets with a finite supply like Bitcoin become increasingly attractive as a store of value.

Altcoins Surge as Confidence Returns

While Bitcoin consolidates its gains, the positive sentiment is spilling over into the broader altcoin market, signaling a return of risk appetite among traders. Several major altcoins posted significant gains against Bitcoin, suggesting capital is rotating from the market leader into higher-beta plays. Avalanche (AVAX) was a standout performer, with the AVAXBTC pair surging an impressive 6.733% to reach 0.00022670 BTC, backed by a robust volume of 859.84 BTC. Similarly, Ethereum (ETH) showed strength, with the ETHBTC pair climbing 3.494% to 0.02340000. Solana (SOL) also participated in the rally, with SOLBTC gaining 3.009%. The action was not limited to BTC pairs; Cardano (ADA) saw a powerful move in its USDT pair, jumping 4.485% to $0.5824 on exceptionally high volume of over 370,000, indicating widespread interest. This broad-based rally suggests that traders are interpreting the current political climate not just as a positive for Bitcoin, but as a green light for the entire digital asset ecosystem, creating numerous trading opportunities across various pairs.