Bitcoin Rises 0.54% to $107,937 After Trump's Economic Growth Push

Bitcoin experienced a notable surge, rising 0.54% to $107,937 by 22:22 UTC on June 29, 2025. This increase came after President Donald Trump's message on Truth Social, where he urged Republican lawmakers to focus on economic growth rather than deficit concerns. Trump's statement emphasized that robust economic growth would offset the costs of his proposed tax-and-spending package, dubbed the “One Big Beautiful Bill.”

Trump's message highlighted the internal divisions within the Republican Party regarding the bill, which combines approximately $3.8 trillion in tax cuts with targeted spending reductions and increased funding for defense and border security. The bill aims to make permanent many of the tax breaks from Trump’s 2017 Tax Cuts and Jobs Act, including eliminating taxes on tips, overtime pay, and certain auto loans. It also proposes significant cuts to Medicaid and nutrition programs, sparking fierce debate within the party.

Crypto analyst Will Clemente reacted to Trump's post, questioning the attractiveness of long-term U.S. Treasuries in light of the proposed fiscal policies. Clemente's skepticism reflects concerns that the bill's deficit-financed tax cuts and modest spending cuts could fuel inflation and currency debasement. This perspective aligns with the growing view that hard assets like gold and Bitcoin are increasingly seen as stores of value and hedges against inflation and fiscal risk.

In this context, traditional fixed-income assets like Treasuries may appear less attractive due to rising deficits and potential monetary accommodation, which could threaten bond values. Conversely, the expectation of sustained deficits and political challenges to fiscal discipline bolsters demand for inflation-resistant assets like gold and Bitcoin. This dynamic reinforces the bull case for these assets, as investors seek to protect their wealth against potential economic uncertainties.

As the Senate races to finalize the bill before the July 4 holiday, Trump's call for unity and moderation underscores the high stakes and political challenges involved in passing one of the most consequential fiscal packages in recent history. The bill's fate remains uncertain as lawmakers negotiate to balance tax relief, spending cuts, and political feasibility. The technical analysis of Bitcoin's price action shows volatility, with BTC fluctuating between $107,194 and $108,489 during the 24-hour window. Support was established at $107,300, with multiple rebounds during the 02:00–03:00 window. Volume peaked at 7,538 BTC between 08:00 and 11:00 UTC on June 29, confirming upward momentum. During the final session hour, BTC fell from $108,219 to $108,059, forming a descending channel. A 130 BTC volume spike at 13:35 coincided with a sharp dip to $108,030, which was tested and held. The final intraday rally pushed the price back toward $108K before fading slightly by 22:22 UTC to $107,937.