Bitcoin: Entering an Important Phase

BTC is walking a tightrope between institutional demand, macro liquidity changes, and regulatory uncertainty. The bullish trend is strong — but risks from derivation products and altcoin flows could disrupt this trend. 🚀 Main Driving Force

1. Company's purchasing rounds: MicroStrategy added another 4,020 $BTC in June, while the Mexican real estate giant Grupo Murano announced a $1 billion #BTC treasury investment plan. The decrease in liquidity supply adds further bullish pressure.
2. Regulatory catalysts: The upcoming cryptocurrency policy report from the White House on July 22 may propose a Bitcoin Reserve — similar to El Salvador's strategy. The adoption of sovereignty will be an important affirmation.
3. The resistance level of 120,000 dollars — a psychological barrier. A breakout here could indicate strong bullish momentum… or trigger a mass liquidation if over-leveraged positions are breached. 📉 Market Context & Risks: –$BTC dominance has decreased from 64% to 58.51% as ETH ETF inflows reach $2.12 billion per week. – 74% BTC is being stored cold and 75% has not been moved in over 6 months – The open interest of derivation products reached 849 billion dollars, with a liquidation volume soaring by 179% in 24 hours. – Average funding rate: +0.012% — the market seems too hot 🔍 Technique: – Resistance levels: 120,000 dollars and 123,000 dollars – Breakthrough target: $129.8K (Fibonacci extension) – Support: $110.7K and $103.6K ⚡ Conclusion Will the demand from institutions surpass the circulation of altcoin? Can the White House report reverse market sentiment and attract additional liquidity — or will everything collapse under the weight of excessive leveraged bets?