#RWA热潮 ### Bitcoin Market Briefing (July 20, 2025)

**Current Price**: Bitcoin is priced at **$118,000**, up 0.28% in the last 24 hours, but down about 4% from the historical high of $123,000 on July 14.

**Regulatory Dynamics**: Trump signed the 'Genius Act' to establish a regulatory framework for stablecoins, requiring a 1:1 dollar reserve and prohibiting central bank digital currencies. The market experienced a short-term 'profit-taking' sell-off, leading to nearly 140,000 liquidations totaling over $400 million.

**Technical Trends**: If the 20-day moving average (at $113,500) is held, it may challenge $135,000; however, if it falls below the support at $117,500, it could trigger large-scale long position liquidations.

**Market Sentiment**: Fear and Greed Index at 37 (fear zone), institutions are optimistic about futures premiums, but JPMorgan warns that the positive outlook is already priced in, and caution is advised regarding stock market correlation risks.

> 💎 **Key Tips**: Short-term volatility is dominated by policy implementation and technical battles. It is recommended to pay attention to rebound opportunities in competing coins like ETH and signals from the Federal Reserve.