On July 11, Bit price once again hit a new historical high, reaching $118,389.8, with the crypto fear and greed index rising to 72. In the past 24 hours, the market liquidation amount reached $1.17 billion, with short positions accounting for 89%. Additionally, Trump announced a 35% tariff on Canada, and disagreements over tariff agreements with Vietnam have raised inflation and geopolitical economic risks. On the other hand, the market-focused "GENIUS Bill" is expected to be submitted to the House for voting next week. This bill will establish the first regulatory framework for stablecoins in the United States, potentially becoming the most significant crypto policy legislation during Trump's term and providing a positive outlook for the overall market.
Bitunix analyst recommendations:
BTC quickly cleared a large number of short positions after breaking through $113,000, currently consolidating in the 116,500–117,500 range, which is a newly formed high-density order and potential pressure zone. Resistance is estimated at the $120,000 integer level. The short-term bullish trend continues, but the market has entered a high-density trading band with increased high-buying risks. If it breaks below $112,500, short-term adjustment risks should be monitored.
