Bitcoin futures are trading higher today after Elon Musk made supportive comments on “The ₿ Word” which is a “Bitcoin-focused initiative that aims to demystify and destigmatize mainstream narratives about Bitcoin, explain how institutions can embrace it, and raise awareness around areas of the network that need support.”

Bitcoin has once again shown how strong support is at the $30,000 level. Once again, this level is technically significant as it represents a 61.8% retracement from where we mark the beginning of the rally that took us to all-time highs. This is important to note because this would be a logical level for a deep retracement to find support and pivot from.

BTC failed to react to the stark CPI report released today for the month of June. The report indicated that inflation continues to rise at an accelerated pace, with inflation rising for consumers by 5.4% over last year.

After weeks of relative stability in the price of BTC, where we have seen pricing remain relatively stable, it appears as though the first signs of a possible upside breakout on the horizon. For the last two weeks, BTC has traded inside of a $4000 range ($32,000-$36,000) varying only 6.25% in that time span.

As the crackdowns in China continue leading to the biggest drop in mining difficulty in history. According to Cointelegraph, “In four days, the difficulty will adjust down by an estimated 23.24% — something which has never happened before in Bitcoin’s lifetime.”

Bitcoin futures are trading lower by $2600 or (7.44%) at $32,365 as of 4 PM EDT. This puts the price back below the 200-day moving average. Today’s candle is almost identical to Monday’s candle with basically the same high and low, and bodies of the candle end at the same area, right around $32,750.

After Hitting a high last week of $40,000 on Tuesday, Bitcoin futures have been in a defined downtrend. Last Tuesday is also when the death cross between the 50- and 100-day moving average occurred, providing the technical data for the selloff. Fundamentally most analysts are blaming the crackdown in China for this recent selloff.

Considering the recent fall that we have seen in the precious metals and other sectors of the financial markets along with a higher dollar, BTC futures are holding up rather well. Since yesterday’s press conference with Chairman Powell and the renewed dot plot was released, many sectors, especially the safe-havens sold off drastically. A 3.5% decline was witnessed in the energy sector and 3% in financials, and 2.2% in materials.

Bitcoin futures are trading unchanged to fractionally higher on the day at $40,250. It was exactly one week ago today when BTC traded off the bottom of its range at roughly $30,000, which is the .618% Fibonacci retracement ($30,790). Although it touched that crucial support intraday last Tuesday, June 8, it managed to close above the other key support level at roughly $33,430, the current fix of the 200-day moving average.