$BTC Key Points

1. Bitcoin surged for eight consecutive days recently and has been oscillating between 68700 and 74000. Selling pressure is heavy from 74000 to 76000, with both previously trapped investors wanting to break even and profit-takers wanting to exit. Additionally, MicroStrategy has been buying substantial amounts of Bitcoin near 70194, providing a floor to the market
2. The Federal Reserve just concluded its meeting this week, and Powell didn't deliver particularly hawkish remarks. The market believes there's a high probability of one or two rate cuts in the second half of this year. Moreover, Bitcoin has somewhat decoupled from US stock indices and sometimes tracks gold more closely—the digital gold narrative is being revived🤣
3. With energy conflicts so intense, Bitcoin's annual energy consumption is massive. If electricity prices rise, the market may view Bitcoin's costs as increasing, potentially seeing it gradually as an "energy synthetic asset"
4. There's a congressional hearing on cryptocurrency legislation at the end of the month in Washington. If passed smoothly, institutional inflows would be a major positive; if it falls through, the market may be confused due to dashed expectations
5. Bitcoin is currently at a critical level—neither very high nor very low. There's institutional support below and selling pressure above. Whether prices go up or down next depends on whether the regulatory hearing at month's end brings good news
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