$BTC Key Points

1. Bitcoin rallied for eight consecutive days recently and is now oscillating between 68,700 and 74,000. There's heavy selling pressure between 74,000 to 76,000, with both previously trapped investors wanting to break even and profit-takers looking to exit. Additionally, MicroStrategy has been buying significant amounts of Bitcoin around 70,194, providing support to the market.
2. The Federal Reserve just concluded their meeting this week with a decision. Powell didn't deliver particularly hawkish rhetoric, and the market believes there's a high probability of one to two rate cuts in the second half of this year. Moreover, Bitcoin has somewhat decoupled from the US Nasdaq, and at times moves more like gold, bringing back the "digital gold" narrative.🤣
3. With energy wars being so intense, Bitcoin's annual energy consumption is massive. If electricity prices rise, the market may view Bitcoin's costs as increasing, potentially gradually being seen as an "energy synthetic asset."
4. There's a congressional hearing on cryptocurrency legislation in Washington at month-end. If it passes smoothly, institutional inflows would be a major positive; if it fails again, the market might become uncertain due to dashed expectations.
5. Bitcoin is currently at a critical position - not too high, not too low, with institutions supporting from below and selling pressure from above. Whether it rises or falls next depends on whether the regulatory hearing at month-end brings good news.
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