MicroStrategy Doubles Down on Bitcoin, Buys the Dip as BTC Price Drops to $107.4K

The dump busted through a key support level and landed Bitcoin into what technical analysts are now calling a “compression zone” — a price cage bordered by two fair value gaps

President Trump continued his commentary on the state of the U.S. economy, taking aim at tech giant Apple and the location of its manufacturing facilities.

In a post on Truth Social, Trump expressed his irritation with Apple, tagging CEO Tim Cook and making his expectations clear.

“Hopefully, Apple will be making its iPhones in the U.S., not in China or India, which is becoming a bad prospect for the U.S. We made Apple great, they couldn’t sell 1 phone, now they are the best and richest anywhere. Time to start making them in the U.S.A.,” Trump stated.

This follows a prior post where Trump expressed annoyance at hearing an interview with a prominent Indian government official discussing how India is becoming a prime location for Apple to move its manufacturing.

“They are now making them in India, great prospect for India, terrible for the U.S.A.,” Trump added.

Earlier this year, Trump’s son, Donald Trump Jr, also took aim at a report by Axios, which claimed that President Biden had scored a “small victory” in persuading companies to invest in the U.S. According to the report, Biden had set a goal of attracting $10 billion in private investment in semiconductors, while the administration would contribute $7 billion.

However, Trump Jr expressed skepticism towards the figures, asserting that the administration would likely claim credit for the entire investment sum despite private companies being the primary contributors.

“They’re investing billions of their own money, which the administration is then going to try and take credit for as if it’s a handout,” Trump Jr remarked.

Insiders Closely Following U.S. Spot Bitcoin ETF Inflows As Figures Hit Record Levels Again

A staggering $934 million flowed into U.S. spot Bitcoin (BTC) exchange-traded funds (ETFs) on May 22, closely followed by $608 million the day before, new data showed.

After the U.S. Securities and Exchange Commission (SEC) approved the first spot Bitcoin ETF in August 2023, a broad anticipation arose regarding the potential magnitude of institutional funds that would pour into the market.

Despite the recent market turbulence due to macroeconomic shifts and the ongoing saga of crypto exchange FTX, U.S. spot Bitcoin ETFs witnessed an initial surge of $466 million on May 18, kicking off a series of substantial inflows.

The chart above, compiled by blockchain analytics firm Glassnode, showcases the daily U.S. spot Bitcoin ETF outflows and inflows in U.S. dollars.

As evident from the chart, following a brief period of outflows, U.S. spot Bitcoin ETFs saw net outflows of $346 million on May 17. However, the tide quickly turned, resulting in inflows of $466 million on May 18.

The next day brought even greater inflows of $552 million, setting the stage for an astounding $934 million on May 22 alone.

After a slight decrease to $608 million on May 23, the pace of institutional money pouring into Bitcoin ETFs slowed further, reaching $440 million on May 24.

Despite this slowdown, the figures highlight the ongoing interest of large-scale investors in Bitcoin, even amid a broader crypto market downturn.

Bitcoin Price Analysis: BTC Remains In Compression Zone As Key Level Holds

Bitcoin (BTC) dropped to $107,436 by 07:30 ET (11:30 GMT) on Wednesday, extending declines after a U.S. court ruling largely upheld former President Trump’s attempt to cut green card allocations based on applicants’ use of welfare benefits.

The ruling, which went against a lower court decision, could impact the prospects of many crypto-focused startups that relied on green card allocations to attract top talent from around the world.

The setback came after a series of macro pushes that had threatened to derail Bitcoin’s recovery. A strong reading of U.S. second-quarter economic growth pushed broader markets higher, while new data showed that the U.S. economy grew at a 2.4% pace in the second quarter.

The reading came above economists’ expectations for a 2.3% rise in gross domestic product after a 1.3% reading for the first quarter.

Meanwhile, the U.S. labor market remained resilient in June, with jobless claims rising minimally from the prior week to 227,000, contrasting with economists’ projections for an increase to 240,000.

The figures also showed that the prior week’s claims figures were revised down by 10,000, indicating a stronger-than-initially reported labor market.

Both macroeconomic reports pushed the U.S. dollar index up slightly, while riskier assets such as stocks and