Bitcoin Holds Above $108K Amid U.S. Fiscal Uncertainty and Trump Tax Push

Bitcoin (BTC) traded at $107,937 as of 22:22 UTC Sunday, up 0.54% in 24 hours, amid market jitters over U.S. fiscal policy tensions. Price action remained volatile, ranging between $107,194 and $108,489, as investors reacted to former President Donald Trump’s Truth Social post pushing Republican lawmakers to support his sweeping tax-and-spending proposal.

Trump’s proposed “One Big Beautiful Bill” exceeds 900 pages and combines $3.8 trillion in tax cuts with defense and border funding boosts. Key provisions include permanent tax breaks from the 2017 Tax Cuts and Jobs Act, tax exemptions on tips and overtime, and an expanded child tax credit. However, to offset these cuts, the bill proposes significant reductions to Medicaid and nutrition programs—deepening GOP divisions.

Moderates from high-tax states are demanding a higher SALT deduction cap, while conservatives push for steeper welfare cuts. Trump’s message urged caution, noting that growth would offset deficits “times 10.” Still, analysts warn the plan could balloon the $36.2 trillion U.S. national debt.

Crypto market voices like Will Clemente questioned U.S. Treasury attractiveness, arguing fiscal instability bolsters the case for hard assets like Bitcoin and gold. As inflation and deficits loom, Bitcoin is increasingly seen as a hedge against fiat currency debasement.

Technical analysis shows BTC rebounded multiple times at the $107,300 support, with peak volume of 7,538 BTC during the 08:00–11:00 UTC window on June 29. Despite a late-session dip, BTC remained resilient, closing the day near $108K.

As lawmakers race to finalize the bill before July 4, Bitcoin’s price stability underscores investor interest in decentralized assets amid rising fiscal risks in Washington.