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Overnight, Bitcoin briefly pushed back above $110K following the announcement that Donald Trump’s company, Trump Media & Technology Group, plans to purchase $2.5 billion worth of Bitcoin. The intention is to build one of the largest Bitcoin reserves held by a publicly traded company. The acquisition will be funded through the sale of approximately $1.5 billion in the company’s common stock and $1 billion in 0% principal amount convertible senior secured notes—mirroring Michael Saylor’s playbook with MicroStrategy, which has famously used similar instruments to accumulate Bitcoin.
The news initially fuelled a breakout past the $110K mark, a level that had recently acted as resistance. However, the rally was short-lived, with sellers stepping in to push Bitcoin back into its consolidation range.
US Consumer Confidence Rebounds Sharply
After five consecutive months of declining consumer sentiment, the latest US consumer confidence reading surged to 98—smashing expectations of 87. This marks the highest level since February and signals renewed optimism among consumers regarding macro conditions and spending behaviour. It’s a bullish macro backdrop that could support risk-on sentiment in the coming weeks.
Stormrake Spotlight: Bittensor (TAO) ($448)
Stormrake Spotlight: Bittensor (TAO) ($448)
Despite Bitcoin closing in the red yesterday, TAO demonstrated notable relative strength, gaining over 3%. Once again, it bounced cleanly off the 21EMA, a level that continues to provide solid support. This move also saw TAO reclaim the critical CPR level at $440. Holding above this zone is crucial for a retest of the $490 range highs. A successful breakout above $490 would confirm continuation of the bullish structure.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin has once again failed to hold above $109.5K—both a key CPR level and the previous all-time high. The rejection has pushed BTC back below the 21EMA and 55EMA, raising the risk of a bearish EMA cross and a potential shift in short-term momentum.
Immediate support lies around $108K–$108.5K, where the 200SMA and 200EMA converge. These levels provided a bounce over the weekend and remain pivotal. If they hold, another short-term higher low would be confirmed. However, a breakdown could open the door to a move toward the range low at $107K.
BTC Total ETF Flows for 26 May: $ - 19.1 million
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
*All prices are denominated in USD unless stated otherwise*
Written by Alexandar Artis
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