$CFX 💰 As of July 28, 2025, the Bitcoin price is reported at **$119,552** (approximately $119,500), with a daily increase of 1.1%, approaching the key resistance level of $120,000.

**Driving Factors**:

1. **US-EU trade agreement** reduces tariff uncertainty, boosting demand for risk assets;

2. **Market cautious sentiment** remains, due to the Federal Reserve's interest rate decision (July 30) and the upcoming US crypto policy report, which may affect liquidity expectations and regulatory direction.

**Technical Signals**:

- The 4-hour chart forms a "golden cross" (the 20-day moving average crossing above the 50-day moving average), RSI bullish, but the $120,000 resistance is strong, requiring a valid breakout to open up upward space.

- Derivative positions are increasing; if a breakout occurs, it may trigger short liquidations, pushing the price to test the historical high of $123,218.

**Short-term Risks**: If the support at $118,000 is breached, a pullback to the $116,000-$111,000 range may occur.