Brothers, the mining company American Bitcoin (ABTC) started by Trump's sons has seen its stock price hit an all-time low of $0.64, down over 64% year-to-date! To maintain its Nasdaq listing, today (July 2) after the market close, it implemented a 1:15 reverse stock split — reducing 1.09 billion shares to 73 million. The company holds 7,500 BTC, ranking 16th globally among listed companies by BTC holdings, but the market just isn't buying it.

💡 What does this have to do with us?

$BTC ‌

Take a look at today's data for BTC — $61,687.3, Bollinger Bands upper 62,277, middle 60,938, lower 59,600, price is stuck between the middle and upper bands. RSI(6) is 68.3, just a hair away from the overbought line of 70. MACD golden cross continues but momentum is weak.

⛽️ Two days ago, BTC bounced from $58k back to $61k, mainly driven by short squeezes in perpetual contracts. In the past 24 hours, $148 million in liquidations, with shorts accounting for 82%. This rebound looks more like a short squeeze than real buying power.

👀 Short-term observation points: above $62,277 (Bollinger upper band) is a resistance; below $60,938 (middle band) if not held, may retest $59,600. If RSI pushes further up, short-term pullback pressure will increase.

📌 My personal take: a reverse stock split is a technical move that doesn't change fundamentals. At this BTC level, watch more and trade less, don't be misled by short-term volatility. Position management is more important than guessing direction.

💬 What do you think of this? Can the Trump family's mining company survive with the reverse split? Where will BTC go next? Share your thoughts in the comments 👇

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