5 Key Updates in Bitcoin as US National Debt Surpasses $35 Trillion

US National Debt Passes $35T

• Bitcoin bulls demand rematch with final resistance below all-time highs
• Bitcoin price upside puts $70,000 back in play

Bitcoin sets up a crunch climax to July with $70,000 in view for the monthly close. Bulls are attempting to regain lost support at key levels, but can they succeed? Miners are recovering, macroeconomic signals favor risk assets, and traders bet on the end of Bitcoin’s post-halving retracement. However, flash volatility is possible this week as the Federal Reserve decides on interest rates and US unemployment data is released.

Bitcoin Bounces Back

Bitcoin bulls got a reprieve at the latest weekly close as the price turned green. With BTC/USD reaching multi-week highs and approaching key resistance levels below all-time highs, traders are optimistic. Resistance near $70,400 remains formidable, with significant short positions at risk of liquidation.

FOMC Week Begins with US Debt Milestone

As US national debt surpasses $35 trillion, Fed Chair Jerome Powell’s press conference this week following the FOMC decision on interest rates will influence economic policy expectations. Market volatility is expected with economic data, earnings, and the July Fed meeting all happening at once.

Bitcoin Mining Difficulty Set for New Highs

Bitcoin’s mining difficulty is expected to reach new all-time highs as miners show strong support for the network. However, concerns arise about miner selling pressure and potential impact on BTC price. The Crypto Fear & Greed Index indicates bullish sentiment may drive Bitcoin to new all-time highs in Q3.