#BTC再创新高

📈 Bitcoin broke through **$117,000** during trading on July 11, continuing to set new historical highs, with a daily increase of over **5%**, refreshing records for two consecutive days. This rise is mainly driven by three factors:

1. **Institutional funding dominance**: Large listed companies and asset management institutions continue to increase their holdings, with a surge in demand for ETF products and corporate treasury allocations, pushing the price higher;

2. **Favorable policies and liquidity**: The United States is advancing a stablecoin regulatory bill (GENIUS Act) which enhances market confidence, coupled with rising expectations for interest rate cuts by the Federal Reserve, creating a loose liquidity environment that stimulates risk asset allocation;

3. **Market mechanisms and technical aspects**: A large number of short positions were closed (reaching **$318 million** in 24 hours), triggering a short squeeze, and technical buying was initiated after breaking through key resistance levels.

⚠️ Although the medium to long-term bullish sentiment is high, with several institutions predicting a potential challenge of the **$120,000 - $130,000 range** in the future, analysts simultaneously warn of short-term risks: some technical indicators are nearing overbought levels, and volatility may increase after hitting new historical highs, necessitating caution against profit-taking pressure and potential corrections triggered by policy changes.