Family, today Brother Hao brings you the latest comprehensive analysis of Bitcoin (BTC) price fluctuations, pure content, recommended to like and save.

First, let's look at the market position. BTC's market capitalization accounts for 59.56% of the total cryptocurrency market capitalization, which has surpassed $2.35 trillion! What does this mean? Capital is concentrating on leading assets, and Bitcoin's leading position is quite solid.

Next, let's talk about trading activity. The 24-hour trading volume has reached $69.6 billion, a number that looks impressive. However, there have been instances of divergence between volume and price, which could potentially trigger flash crash risks due to insufficient liquidity.

Now, let's discuss policy dividends. The expectation for a Fed interest rate cut is currently very high, with a 93.6% probability of a cut in September. If inflation data, specifically core PCE, is weak, then liquidity will flow into risk assets, and Bitcoin, as a popular risk asset, will certainly benefit. Additionally, Trump's policy allows the allocation of cryptocurrencies in 401(k) retirement plans, which has a potential expectation of $12.5 trillion in capital entering the market, providing strong support for long-term demand.

From a technical analysis perspective, Bitcoin is facing technical pullback pressure in the resistance range of 117,750 - 118,300 in the short term. However, the mid-term logic from macro policies and institutional accumulation has not changed. If it can hold the support level of 114,700, there is a good chance to challenge 120,000 after consolidating. But if geopolitical risks or ETF selling pressure intensify, we need to be cautious of a deep pullback to 110,000.

Finally, Brother Hao gives today's operating guide: go long directly around 117,600 - 118,000, with an initial target of 119,050, and then further aim for 119,680. There is a good chance to break through 120,000 in the next couple of days. But the market is unpredictable, so everyone must be cautious, very cautious when trading.