Express
Bitunix Analyst: Stablecoin Legislation Boosts BTC to New High, Caution Advised Against Liquidity Trap Pressure in Short Term
Summary: According to reports, the price of Bitcoin hit a new all-time high today, reaching $118,389.8, with the crypto fear and greed index rising to 72. Over the past 24 hours, the market saw liquidations totaling $1.17 billion, with short positions accounting for as high as 89%. Additionally, Trump announced a 35% tariff on Canada, and ...
According to reports, the price of Bitcoin hit a new all-time high today, reaching $118,389.8, with the crypto fear and greed index rising to 72. Over the past 24 hours, the market saw liquidations totaling $1.17 billion, with short positions accounting for as high as 89%. Additionally, Trump announced a 35% tariff on Canada, and disagreements over tariffs with Vietnam have raised inflation and geopolitical economic risks. On the other hand, the highly anticipated 'GENIUS Act' is expected to be voted on in the House of Representatives next week. This act will establish the first regulatory framework for stablecoins in the US, potentially becoming a significant legislative achievement in crypto policy during Trump's tenure, which could benefit the overall market.
Bitunix analysts suggest that after breaking through 113,000, BTC quickly cleared out a large number of short positions and is currently consolidating in the 116,500–117,500 range, where new high-density orders and potential pressure zones have formed. The upper resistance is estimated at the key level of 120,000. The short-term bullish trend continues, but the market is entering a high-density trading zone, increasing the risk of chasing highs. If it falls below 112,500, caution is advised against short-term adjustment risks.
Tags:
Link: Bitunix Analyst: Stablecoin Legislation Boosts BTC to New High, Caution Advised Against Liquidity Trap Pressure in Short Term [Copy]
