📈 One, historic price breakthrough

  1. Record high

    • Bitcoin first broke through the $120,000 mark, reaching a maximum of $122,562.4 during the Asian trading session (some platforms reported $122,600), with a 24-hour increase of 3.9%~4.5%, and a year-to-date increase of over 29%.

    • Key resistance breakout: Successfully standing above the psychological barrier of $120,000, technical patterns open up upside space, targeting $125,000~$135,000.

  2. Market total market value hits new high

    • The overall market value of cryptocurrencies reached $3.78 trillion, growing 4.9% in 24 hours, with Bitcoin accounting for about 65%, and total market value surpassing $2.38 trillion (the fifth largest asset globally).


🚀 Two, core upward driving factors

  1. Policy favorable: U.S. 'Crypto Week' launched

    • (GENIUS Act): Requires stablecoins to have 100% dollar reserves and federal audits, has been approved by the Senate;

    • (CLARITY Act): Clarifies SEC and CFTC regulatory responsibilities, reducing compliance uncertainty;

    • (Anti-CBDC Monitoring Act): Prohibits the Federal Reserve from issuing retail central bank digital currency, protecting privacy.

    • Congress reviewed three key bills from July 14-18:

    • The Trump administration strongly promoted cryptocurrency institutionalization, establishing a 'National Strategic Cryptocurrency Reserve', permanently banning 200,000 BTC seized through judicial means (accounting for 6% of circulation).

  2. Institutional funds continue to flow in

Record ETF inflows: Single-day net inflow of $118 million (highest in 2025), cumulative $4.6 billion in June; BlackRock's holdings reached $76.5 billion.

  1. Corporate accumulation wave: Japan's Metaplanet increased its holdings by 797 BTC, total holdings 16,352; MicroStrategy holds 597,000 BTC (accounting for 3% of circulation).

Sovereign reserve layout: Countries like Pakistan and Bhutan emulate Texas in establishing Bitcoin reserves (Texas allocated $10 million for a pilot).

  1. Market sentiment and narrative upgrade

    • 'Digital gold' consensus strengthened: China International Capital Corporation pointed out that Bitcoin is transitioning from 'alternative currency' to a reserve asset supporting the dollar system.

Tech stocks linkage: NVIDIA's market value broke $4 trillion, driving funds to integrate AI and digital assets into a unified investment perspective.


🌐 Three, market response and chain effects

  1. Altcoins rose broadly

    • Ethereum broke through $3,000 (highest $3,048.23), reaching a new five-month high;

    • Solana (+4.5%), Cardano (+3.1%) followed suit, meme coins DOGE and SHIB rose slightly.

  2. Derivatives market turbulence

    • Liquidation storm: Over 120,000 liquidations within 24 hours, totaling $700 million, of which 89% were short positions; the largest single liquidation reached $4.41 million.

    • Rise of decentralized exchanges (DEX): The XBIT platform, designed for volatility resistance (liquidation rate only 1/8 of the industry), saw trading volume surge by 37%.

  3. On-chain chip structure optimization

    • Long-term holders (LTH) locked: 14.7 million BTC are dormant, exchange balances have dropped to historical lows, reducing selling pressure.


🔮 Four, future outlook and risk warning

  1. Short-term trend (1-4 weeks)

    • Upside target: If it stabilizes above $120,000, technical target $125,000~$135,000 (Standard Chartered); breaking above $122,500 may trigger a short squeeze.

    • Downside risks: Trump's tariff policy (effective August 1) may trigger risk-off selling; remaining 139,000 BTC from Mt. Gox awaiting compensation, potential selling pressure.

  2. Medium to long-term momentum

    • Policy institutionalization: If the three major bills are passed, the U.S. will become a global benchmark for cryptocurrency regulation, attracting sovereign funds to enter.

    • Halving cycle pattern: History shows that the peak is reached 550 days after halving (October 2025), targeting $168,500~$200,000.

  3. Operational strategy

    • Breakout to chase long positions: Daily close > $122,500, target $125,000, stop loss $118,000;

Hedge options: Allocate ETH (95% probability of staking ETF approval) or RWA tracks (such as ONDO).

💎 Summary: Institutional breakthroughs open a new cycle
The breakthrough of $120,000 on July 14 is a result of policy dividends + institutional accumulation + global liquidity resonance:

  • Short-term focus: Results of the U.S. 'Crypto Week' bill vote and the effectiveness of $120,000 support;

  • Long-term significance: Bitcoin completes the transition from 'speculative asset' to 'strategic reserve', sovereign-level demand (such as 200,000 BTC permanently locked) will reshape the supply-demand pattern.