Foot Guns

Foot Guns

Share this post

Foot Guns
Foot Guns
The Can Got Kicked
Copy link
Facebook
Email
Notes
More

The Can Got Kicked

US Debt Ceiling Raised Till 2025

May 30, 2023
∙ Paid
1

Share this post

Foot Guns
Foot Guns
The Can Got Kicked
Copy link
Facebook
Email
Notes
More
Share

Cheat Sheet -

Current support and resistance ranges plus our bias on top cryptos, oil, and stocks.

05/30/23 11:16 AM ET

Are you new to Foot Guns? Learn how to read the cheat sheet here.


What We Are Watching

We further breakdown our case for these cryptos here : What We Are Watching

05/30/23 11:16 AM ET

Crypto News

  • U.S. Criminal Charges Against Sam Bankman-Fried Don’t Warrant Dismissal, Prosecutors Say (CoinDesk)

  • Bitcoin Headed for First Monthly Loss in 6 Months (CoinDesk)

  • Chainalysis acquires real-time crypto data company Transpose (The Block)

  • Stablecoin issuer Tether to mine bitcoin in Uruguay (The Block)

  • Security firm discovers $500M vulnerability in Tron multisig accounts (CoinTelegraph)

  • 2 key security practices for Web3 startups from Israel Crypto Conference (CoinTelegraph)

  • Can Any Blockchain Compete on Security With Bitcoin? (Blockworks)

  • Kellogg’s Could Jump Into the Metaverse: 12 Trademark Filings Reveal NFT Interest (Blockworks)

  • USDC Backing Maker’s Stablecoin DAI Plummets to 23% (Decrypt)

  • Bitcoin ATM targeted in Texas smash-and-grab (Protos)

  • Crypto volumes tank amid US debt standoff (DLNews)


Cowswap, gas less swapping, MeV protection and better prices.

BTC Outlook

Even with a potential resolution of the debt ceiling the Bitcoin price volatility remains muted. The Bitcoin price did move up when news broke that a deal was made between Biden and McCarthy. However, the price met resistance at the 50 day moving average for the first time since early 2023.

A few situations are likely here. This could have been a sell the news type event where many were shorting Bitcoin expecting a big move down on the resolution. It’s also possible the market is in a bullish phase and there were genuine buyers ready to pick up tokens regardless of which way things went. The decision still has to pass through other parts of government so maybe this is just hesitation from investors that something else could delay the decision.

The 50 day moving average is a key level for the Bitcoin bulls to push through to sustain a rally into the second half of the year. A sign that there could be a rally in the second half of the year would be Bitcoin reclaiming the 50 day moving average with more “bad news” (things that should be bad for the price) events.

Join us in discord where we will actively be following Bitcoin’s price action.

Possible Course of Action

  • Do nothing and wait price to rise above 50 day MA or hold 200 day MA as support

  • Short expecting 50 day MA to act as resistance

The Bulls’ Defense:

  • Price above the 200 day MA

The Bears’ Prosecution:

  • Price Below 50 day MA

  • Potential Head And Shoulders top


Across is the fastest, cheapest and most secure bridge between L1 and L2s. Try it now

A Closer Look

This section will be focused on taking a closer look on what Hal thinks is important to watch in the coming week.

This morning Hal reviews ETH’s performance against Bitcoin and the NASDAQ.

Keep reading with a 7-day free trial

Subscribe to Foot Guns to keep reading this post and get 7 days of free access to the full post archives.

Already a paid subscriber? Sign in
© 2025 Foot Guns
Privacy ∙ Terms ∙ Collection notice
Start writingGet the app
Substack is the home for great culture

Share

Copy link
Facebook
Email
Notes
More