The analysis indicates a shift in the Bitcoin market dynamic, noting that the current cycle lacks significant retail investor participation, contrasting with historical patterns. This is attributed to retail investors facing financial constraints amid a broader economic malaise, which is reflected in subdued consumer and business sentiment. Traditionally, such sentiment would suggest a downturn in asset prices. However, the analysis introduces 'fiscal dominance' as a critical factor. This concept describes a macroeconomic environment characterized by higher interest rates, elevated interest expenses and refinancing costs, and substantial fiscal deficits, ultimately leading to sustained inflationary pressures and increased money printing or quantitative easing. This fiscal dominance creates an unusual dissociation, allowing asset prices to 'levitate' or remain elevated despite underlying economic indicators pointing towards weakness. The market is thus influenced by structural fiscal policies that introduce liquidity and support asset valuations, leading to an environment of intermittent strength and weakness rather than a clear, uniform trend. The overall impact of fiscal dominance is perceived to provide a supportive floor or upward pressure on asset prices in the medium term.