Overall the sentiment of the BTC is showing us that it's actually a risk-on with the cautiously bullish sentiment.

However, there are things we need to be focus on :

1. During this upside movement on BTC, we're still seeing the retails in the sideline and high possibility that this current upside push is driven by the institutional buy.

2. Still unclear effect on the tariff deal as big implementation between countries will be implemented on August 1.

3. BTC funding on Hyperliquid is staggering up showing us a sign of overheating.

4. S&P500 market sentiment is in the extreme greed.

5. Liquidity is drying up at the upside.

$120k is on the card but I'd rather wait for a dip to enter long position with more clarity on the macro side. It's now either the BTC is already at the top or there will be more parabolic move to the upside.