$BTC Key Points

1. Bitcoin rallied for eight consecutive days recently and is now oscillating between 🤣 68700 and 74000. There's heavy selling pressure between 74000 and 76000, with both previously trapped investors looking to break even and profit-takers wanting to exit. Additionally, MicroStrategy has been buying significant amounts of Bitcoin near 70194, providing price support to the market.

2. The Fed just concluded its meeting this week, and Powell didn't deliver particularly hawkish rhetoric. The market believes there's a high probability of one to two rate cuts in the second half of the year. Moreover, Bitcoin has somewhat decoupled from the Nasdaq, and now sometimes moves more similarly to gold, bringing back the narrative of Bitcoin as "digital gold."

3. With energy conflicts so intense right now, Bitcoin's annual energy consumption is enormous. If electricity prices rise, the market may view Bitcoin's costs as increasing, potentially gradually rebranding it as an "energy-synthetic asset."

4. There's a congressional hearing on a cryptocurrency bill in Washington at month-end. If it passes smoothly, institutional inflows would be a major bullish catalyst; if it falls through again, the market could become uncertain due to dashed expectations.

5. Bitcoin is currently at a critical inflection point, with institutional support below and selling pressure above. Whether it goes up or down next depends on whether the regulatory hearing at month-end delivers positive news.

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