Current market update.
BTC current price 118,861 USDT, slight drop of 0.10% in 24 hours, after peaking at 123,100 USD last night, a typical 'new high must wash out' script.
Liquidation data is heart-wrenching: 744 million USD was liquidated across the entire network in the past 24 hours, with 129,000 people buried, and shorts accounted for over 80%. The largest single liquidation on Binance reached 98.1 million USD — a bloody lesson for leveraged traders.
Why do I say this round of correction is a good thing?
Institutional buying provides strong support.
BlackRock's ETF (IBIT) management scale exceeds 85 billion USD, heading straight for 100 billion; last week saw a net inflow of 2.7 billion USD, as institutional buying is unstoppable.
MicroStrategy holds over 600,000 BTC (worth 73 billion USD), along with major firms like SoftBank and Sun Yuchen simultaneously increasing their positions; with selling pressure exhausted and buying pressure surging, how can prices not 'squeeze upwards'?
Policy tailwind is overwhelmingly favorable.
The U.S. House of Representatives has designated this week as 'Crypto Week,' reviewing three key pieces of legislation, including the stablecoin bill, which clarifies regulation and alleviates a decade-long concern.
Trump claims to be the 'crypto president,' his family business applying for a crypto ETF, the boundaries between traditional finance and the crypto world are collapsing.
Healthy technical pullback.
Key support levels are 118,200-114,000 USD (30-minute EMA dense zone + previous high turning support), the current pullback is a normal digestion of profit-taking.
RSI has fallen from the overbought zone of 78.9 to 68.3, MACD maintains a golden cross, a bull market pause does not equal a trend reversal.
Old Zhu's advice: don't charge blindly into risk points!
Black swan warning: If Trump escalates tariffs on August 1 (rumored to impose a 30% tariff on Europe and Mexico), it may trigger a collective plunge in risk assets.
Retail FOMO is absent: from the end of June until now, global search volume has only increased by 8%, retail is lukewarm + contract leverage is high, beware of 'bulls trampling' on each other.
Surge in withdrawals from exchanges: On-chain data shows that whales continue to transfer out BTC, increasing the risk of concentrated holdings and volatility.
Old Zhu's advice: don't charge blindly into risk points!
Black swan warning: If Trump escalates tariffs on August 1 (rumored to impose a 30% tariff on Europe and Mexico), it may trigger a collective plunge in risk assets.
Retail FOMO is absent: from the end of June until now, global search volume has only increased by 8%, retail is lukewarm + contract leverage is high, beware of 'bulls trampling' on each other.
Surge in withdrawals from exchanges: On-chain data shows that whales continue to transfer out BTC, increasing the risk of concentrated holdings and volatility.
This round of bull market is a conspiracy of institutional bull + policy bull, fundamentally different from the retail frenzy in 2017 and 2021. Pulling back to 119K presents an opportunity greater than risk, but remember: don't leverage all in, don't believe in the 'sure profit' myth, keep enough bullets to guard against black swans!
Old Zhu told everyone yesterday that breaking 120 was unrealistic, and by nightfall, the lights were turned off to harvest the leeks.
Opportunities are fleeting, a correction is imminent, time to accumulate low in the spot market.
Tap the avatar to follow me, let’s join the bull market feast together!
Finally, Old Zhu wants to tell everyone: bull markets often experience sharp drops; only those who hold onto their positions can laugh to the end.
