$BTC

In this environment, good news comes one after another, and even 'fake good news' is enough to pull up a big bullish candle. Bessent just mentioned establishing a tariff partnership, and the market immediately became euphoric. Even before the U.S. stock market opened, Bitcoin had already surged on its own; how can you establish a medium-term short position with such sentiment?

Moreover, the market is currently driven not by logic but by emotion. Bitcoin has transitioned from a confrontation to a tariff reconciliation; this plot twist is faster than palace intrigue, leaving no room for you to catch your breath. The existing stock in the exchanges is the only stabilizer in this play.

Bitcoin is currently at 110.6K, clearly being preyed upon to absorb liquidity, luring in longs and then killing shorts before it could possibly continue to rise. Above, there is the temptation of a potential new high at 110.2K, and below there are liquidity pockets at 105K and 98K.

But to be honest, to push it down, we have to wait until the main force has had enough at the top, then a pullback might be possible. Currently, the area from 108.8K to 110K has no strong resistance; it looks like it can be chased, but entering could easily lead to being stuck at a high position. If you want to chase it, you need to wait for a breakthrough at 110.2K followed by a pullback confirmation; otherwise, it’s better to wait for it to fill the gap around 108.4K before considering entry.

To conclude, the market has not yet completed its move; unless the bad news can break through 100K and descend below 96K, it doesn’t count as structural damage. There was no major adjustment in July, and if Japan really raises interest rates in August, that could be when the real killing weapon appears.

Resistance levels: 110200, 109600

Support levels: 109000, 108500

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