Bitcoin (BTC), that capricious creature of the digital realm, has once again charmed the charts with its highest ever weekly close, a Sunday spectacle that has left the market in a state of suspended animation, hovering above the apex of its bull flag. The augurs of the financial world, with their arcane indicators, now whisper of an imminent price surge. But, dear reader, how soon might this celestial event transpire?
US Spending: The Great Enabler of All Things Exorbitant
As Bitcoin pirouettes, poised for a potential leap into the stratosphere, the passage of President Trump’s “Big Beautiful Bill” on Thursday, with its promise of $5 trillion in new spending, is poised to be the wind beneath its wings. This sum, vast as the Pacific and as predictable as a politician’s promise, is likely to provide the necessary fuel for Bitcoin’s next ascent.
The influx of new money into the US economy could be as overwhelming as the deluge of printed currency during the Covid pandemic. Whether this is a wise course of action, given the already gargantuan pile of debt that the US carries, is a question for the philosophers. For the rest of us, the incoming tsunami of liquidity, coupled with a global surge in financial fluidity, should push all assets to dizzying heights. 🌊🚀
$BTC: A Dance Above the Bull Flag, Yet No Grand Jeté
On the 4-hour time frame, the $BTC price has gracefully returned above the upper trendline of the bull flag. However, it has not yet mustered the courage for a grand jeté. The Stochastic RSI, that fickle friend, is rolling back over, suggesting that the big pump to the upside may be delayed for a moment longer.
The price is currently tracing an ascending trendline, but a fall through this line and a continuation along the upper bull flag trendline is not out of the question. Despite this, the setup remains bullish, and a spike higher could occur at any moment, much to the delight of the bulls and the chagrin of the bears. 🐂🐻
A Retest of the Bull Flag Breakout: A Dance of Deception?
The daily time frame reveals the price’s graceful exit from the flag, a movement that could be setting the stage for a retest of the top of the bull flag’s upper trendline. Bulls, ever the optimists, hope this is a successful test and not a cruel deception.
To make this test, the price would need to descend to around $108,500, a move that could also allow it to remain above the ascending trendline. At the bottom of the chart, the RSI’s indicator line points downward, perhaps to allow another retest of the yellow moving average line. Staying above this line and surpassing the 70.00 level will be crucial for the bulls. 📈📉
Bullish Weekly Close: A Platform for Imminent Surge
The weekly time frame reveals a candle body that has opened above the upper trendline of the bull flag, a sight as bullish as a sunrise. The cross back up of the indicators on the Stochastic RSI, coinciding with a similar cross on the 2-week time frame, adds to the bullish sentiment.
With price action looking decidedly positive and indicators closing the last week with bullish signals, it seems that the next Bitcoin price surge is merely a matter of time. When it happens, dear reader, hold on to your hats—and perhaps a few more BTC. 🎩✨
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2025-07-07 13:05