Title: Breaking! BTC breaks key support at 118,000 USDT, down 0.28% in 24 hours, 120 million in long positions liquidated!

On July 20th at 22:47, the price of Bitcoin suddenly plummeted, breaking through the important support level of 118,000 USDT, now reported at 117,920 USDT, with a 24-hour decline of 0.28%. This sudden drop triggered market sentiment shocks, and short-term bulls faced a precise hit.

Trigger for the decline: Hawkish remarks from the Federal Reserve apply pressure

Today, Federal Reserve Governor Michelle Bowman clearly stated: "If inflation remains above target, further rate hikes may be necessary." Concerns about tightening liquidity surged, putting pressure on risk assets, with Bitcoin, as a "high-volatility alternative asset," being the first to bear the brunt. Technically, 118,000 USDT is the core support of Bitcoin's recent volatile range; breaking below it may trigger a surge in short-term stop-loss orders.

Market reaction: 120 million in long positions liquidated, short-term confidence shaken

According to CoinGlass real-time data, the liquidation amount of Bitcoin within 24 hours reached 120 million US dollars, of which over 80% were long position liquidations, with the largest single liquidation coming from Binance's BTC/USDT contract, amounting to 5 million US dollars. Analysts pointed out that this decline is a "emotion-driven short-term correction," but caution is needed regarding the support strength at the 115,000 USDT round figure—if broken, it could trigger larger-scale sell-offs.

Outlook: Institutional accumulation supports long-term trend

Despite the increased short-term volatility, in the long run, Bitcoin continues to benefit from the ongoing allocation by institutions and sovereign nations (e.g., El Salvador increased its holdings by 8 coins to 6,237 in July). Analysts believe that the break below 118,000 USDT is more of a "brief technical correction," and if it stabilizes at 115,000 USDT, there is still potential for a rebound.

Market participants remind: Recent movements in Federal Reserve policy and inflation data will be key variables, and investors need to control leverage to avoid blindly chasing prices. #Allindoge走起 #以太坊突破3700 #Chainbase上线币安