Bitcoin Holds Strong at $100K
Key On-Chain Signal to Watch
Dear Bitcoiners,
The Elon–Trump conflict caused panic across markets. Bitcoin, trading 24/7, saw a sharp spike down, but the real story is this: it held strong at $100K.
Elon Musk criticized Trump’s new economic plan, the “Big Beautiful Bill,” calling it a “disgusting abomination” and warning that it could push the U.S. into bankruptcy. Of course, the inflationary bill reverses Elon’s attempt to cut spending. As Bitcoiners, we already know—nothing stops this train. Republican or Democrat, money printer will go brrr.
Their public back-and-forth on social media fueled market fears. Tesla dropped over 10%, and Bitcoin fell more than 3%.
We’ve previously talked about the $100K resistance flipping into support, and now we have the evidence. Bitcoin sits right at the $95K–$105K support zone (see chart), with the Short-Term Holder (STH) cost basis rising and currently sitting at $97.2K. As that cost basis climbs, the standard deviation gap continues to close.
We could see a full reset to the STH cost basis before the next move upward. If so, that might lay the foundation for a renewed push toward new all-time highs. In terms of overvaluation, the current drop in standard deviations is similar to what we saw during the ETF approval correction.
