On Tuesday (September 24), Bitcoin fell below $63,000 in the short term. In 2013, the giant whale rarely woke up and transferred 81 Bitcoins. Former US President and Republican presidential candidate Donald Trump said that cryptocurrencies can help repay the 35 trillion US debt. Macroeconomic master Luke Gromen pointed out that as the US fiscal crisis worsens, gold and Bitcoin will resume strong linkage and become the main beneficiaries.

Trump: Bitcoin can help pay off $35 trillion in U.S. debt

Bitcoin Magazine reports that Trump has increasingly embraced Bitcoin and cryptocurrencies during his 2024 presidential campaign. Recently, when asked about the future of cryptocurrencies, Trump responded that he believes "cryptocurrencies have a great future" and proposed using it to pay down the $35 trillion U.S. national debt.

Trump now frequently speaks positively about Bitcoin, and recently he bought a cheeseburger with Bitcoin at PubKey, a bar in New York that accepts Bitcoin, becoming the first U.S. president to conduct a transaction using Bitcoin.

He said at a recent event that cryptocurrencies have a “bright future” and revealed that Bitcoin and cryptocurrencies might be used to pay off the country’s $35 trillion debt.

This is consistent with Trump’s previous positive statements on Bitcoin and cryptocurrencies as he courts a growing base of Bitcoin and cryptocurrency voters, with him promising to make the United States the “cryptocurrency capital of the world” if re-elected.

Meanwhile, his Democratic presidential rival Kamala Harris made her first cryptocurrency-related pledge at a fundraiser in New York, saying her administration would “encourage innovative technologies like artificial intelligence (AI) and digital assets while protecting our consumers and investors.”

Although Harris did not explicitly mention Bitcoin or cryptocurrencies, the comment demonstrates her proactive stance in wooing crypto-friendly voters, in stark contrast to her previous silence on the issue.

With both leading presidential candidates now openly discussing Bitcoin and cryptocurrency-related policies, it seems that Bitcoin and cryptocurrencies are entering the mainstream of American politics.

Macro Guru: Gold and Bitcoin are expected to rise as US fiscal difficulties worsen

Luke said gold and Bitcoin are two assets he “likes” right now, saying both are “very likely” to rise in an environment where the U.S. government may need to inflate away its debt.

Luke, founder and president of macro research firm Forest For The Trees (FFTT), went on to say that the United States needs negative real interest rates, or interest rates masked by nominal inflation, to maintain its budget.

This situation has historically been good for gold, and it could be optimal for Bitcoin, he said. “I think both gold and Bitcoin are very well positioned when you’re in a regime where, unless real interest rates are negative for a sustained period of time throughout the cycle, the (U.S.) can’t afford to incur debt.”

“It’s a very good setup for gold, it’s a very good setup for Bitcoin, and I think that’s why the price of gold in U.S. dollars has completely decoupled from the inversion of U.S. real interest rates.”

He concluded: “At the end of the day, this is a phenomenon we often see in emerging markets. Interest rates go up, and the price of gold in that currency goes up. It hasn’t been like this for the dollar for a long time, but it has been like this since 2022, and that’s why the price of gold is rising despite rising U.S. real interest rates. The reason is that the U.S. government can’t afford positive real interest rates, so this situation will end.”

“So I think the positive real interest rate phase in the U.S. is coming to an end, which is good for both gold and bitcoin.”

In 2013, the giant whale woke up and "dumped" 81 bitcoins

On Monday, according to the on-chain tracking agency Whale Alert, a giant whale holding 81 bitcoins was reactivated after 10.9 years and transferred the funds in the wallet. According to statistics, its book profit exceeded 11,507%. The crypto community attaches great importance to this, focusing on the possibility that this move is related to Satoshi Nakamoto, the "Father of Bitcoin".

As soon as the Whale Alert monitoring data was released, opinion leaders in the crypto community raised the question "Satoshi Nakamoto, is that you?" and even suggested that the recent awakening of early giant whales was abnormal, believing that something might be brewing.

CoinTelegraph analyzed the recent movements of giant whales and found that the number of giant whale wallets containing 1,000 or more Bitcoins has increased by nearly 3.5% in the past 52 weeks. However, classified inspections show that the middle class of Bitcoin (people holding 1 to 10 Bitcoins) seems to be shrinking.

Bitcoin technical analysis: Targeting the $65,000 mark

FXStreet analyst Manish Chhetri said that on Wednesday, Bitcoin broke through the uptrend and the 100-day exponential moving average to $61,000 and rose 3% in the next four days. The price of Bitcoin halted its recent gains over the weekend, but managed to hold the key psychological level of $62,000.

If the psychological support of $62,000 continues to hold, Bitcoin could continue its upward move and retest its daily resistance at $65,379.

The Moving Average Convergence Divergence (MACD) indicator supports Bitcoin's rise, sending a bullish crossover signal on the daily chart. The MACD line (blue line) moved above the signal line (yellow line), sending a buy signal on September 12. However, the histogram bars (even green above the neutral zero line) are falling back, indicating that the upward momentum is weakening.

Moreover, the Relative Strength Index (RSI) on the daily chart is turning lower around the 60 level, reflecting a decline in bullish momentum.

However, if Bitcoin fails to find support around $62,000 and falls below the Sept. 17 low of $57,610, it could extend its 3% decline and retest its daily support around $56,000.