Yes, Bitcoin (the main coin) just set a new historical high again on July 14, officially breaking through the 120,000 USD mark, reaching as high as 123,205 USD during the day, with an intraday increase of over 4%.
Core driving factors behind this round of increase:
1. U.S. 'Crypto Week' legislative expectations: This week, the U.S. Congress will review three key bills (CLARITY Act, anti-CBDC Act, and GENIUS Act). The market expects a clear regulatory framework for crypto assets, boosting investor confidence.
2. Institutional funds continue to flow in: Bitcoin ETF saw a net inflow of over 2.7 billion USD in a single week, with total assets under management reaching 151 billion USD. Institutions like MicroStrategy are still 'buying coins like crazy.'
3. Macro environment support: The expectation of interest rate cuts by the Federal Reserve, a weakening dollar, and rising risks in U.S. Treasuries are driving Bitcoin's demand as 'digital gold' for hedging.
Market outlook:
- Short-term resistance level: 125,000 USD is seen as the next key threshold, with support at 112,000 USD.
- Long-term target: Institutions like Bitwise predict that Bitcoin may hit 200,000 USD by the end of the year.
However, one must also be cautious of short-term volatility risks, especially regarding changes in market sentiment before and after policy implementation. If the 125,000 USD breakthrough fails, a technical correction may occur.
