Trump pledges to support Bitcoin miners at the White House ❗️

Welcome to the daily Coinsauce Newsletter, its good to be back. Lets get straight into today’s newsletter!

📅 Today

🔍️ Market Outlook

• Overall Bias - Neutral 📈 

• Bitcoin is dipping, but has held it’s crucial support at $67,200 so far on the daily time frame. As long as we are above this level, things are good, and Bitcoin’s up-trend remains intact.

• There are multiple wicks as resistance for BTC as it is now aiming for new all-time-highs. There is no particular price point to pin-point for a rejection.

• Dominance is approaching resistances at 56.1% & 56.5%. If it gets rejected, alts could see some relief.

• Overall, BTC looks strong fundamentally. We have great ETF inflows, neutral funding rates, ETH ETF approvals, liquidation map more or less neutral, and a lot of leverage flushed out of the market during the 3 month consolidation phase.

• Be cautious today since the US FOMC meeting can bring in volatility. Avoid leverage!

Donald Trump Pledges Support For Bitcoin Miners 🙏 

The American Mining Industry, including 3 of the top 5 largest miners in the world, met with Donald Trump to discuss Bitcoin’s future in the USA!

Trump expressed support for Bitcoin miners in a meeting at Mar-a-Lago with CleanSpark’s Matthew Schultz and Riot Platforms’ Jason Les.

He praised Bitcoin miners for their role in stabilizing the energy grid and promised to advocate for them if he returns to the White House.

He has also mentioned that Bitcoin is the last line of defense against CBDC, and that he would want all the remaining BTC to be mined in the USA.

This endorsement follows Trump’s portrayal as the “crypto president” at a San Francisco fundraiser, where he criticized the Democratic Party's regulatory stance on digital assets.

To know how BTC mining can save the power grid, read the educational alpha segment below.

US BTC Spot ETF’s Break 19 Day Inflow Streak 😅 

All the US Spot BTC ETFs just finished a record 19-day streak of inflows, seeing ~$4 billion of new money during this period. This includes the second-largest daily inflow of $887 million last week on June 4th. Despite this heavy buy pressure, the price of BTC is exactly where it was on May 17th.

A large proportion of inflows seems to be basis trade, which is expected when the market consolidates after 18 months of Up Only price action. Hedge Funds are Net Short in CME Bitcoin Futures by $6.3 Billion

This means that hedge funds are shorting BTC futures while buying BTC in spot, keeping the price suppressed to accumulate more, and also earn funding fees on their short positions.

📕 Educational

Understanding the Power Grid problem & the Duck Curve 🦆 

Understanding the power grid is essential before diving into the duck curve issue. Power generation in solar grids is transmitted across regions through transmission lines to substations. These substations adjust the voltage of the electricity, which is then distributed to homes and businesses via distribution lines.

The power grid faces a challenge known as the duck curve. Energy consumption is lowest late at night, increases during the day, and peaks just after sunset. Solar panels produce maximum energy in the afternoon when demand is low, leading to excess energy. Conversely, after sunset, energy demand peaks while solar production drops, forcing grids to rely on fossil fuels to meet the demand.

Bitcoin mining offers a potential solution to this problem. Unlike coal and gas plants that need to run continuously to be efficient, Bitcoin miners can be turned on and off without losing productivity. Miners can use the excess solar energy generated in the afternoon to run their operations. In the evening, when energy demand is highest, they can halt mining and sell the stored energy back to the grid.

Governments can incentivize this system by offering subsidies, enabling miners to access cheaper energy during periods of low demand and earn by selling energy back during peak times. This approach reduces solar energy waste, decreases reliance on fossil fuels, and improves profitability for miners. Bitcoin mining, therefore, can help balance the power grid by effectively utilizing renewable energy and mitigating the duck curve issue.

For a more comprehensive understanding of this phenomenon, click here.

📊 Stats

📈 Chart of the day

• Rationale & Confluences :

• 4H horizontal support

• 4H discount zone

• 4H bullish RSI divergence

• 4H vu-manchu divergence

• 3 other bullish divergence on 4H

• Hammer candle made on support

• Note : None of the content in the newsletter is financial advise. This is for educational purposes only.

• Source : Cointraction 

🤣 Meme of the day

Accurate 😂 

That concludes our update for today!

We appreciate you joining us for the latest news. Our aim is to provide insights and highlights that keep you well-informed and ready. Remember to follow us on social media for additional updates and giveaways. Happy trading, and see you next time!

Disclaimer : None of the content shared in the newsletter is financial advise. Always do your own research before investing.