Bitcoin's recent price movement has been strong, reaching new highs repeatedly. As of July 12, 14:00 Beijing time, the price of Bitcoin is at 117293.96 USD/coin.

On July 11, the price of Bitcoin briefly surpassed $118,000, with a maximum daily increase of over 6% and an annual cumulative increase of about 20%. The price rise was mainly driven by continuous institutional capital inflow, with cumulative inflows into Bitcoin ETFs exceeding $50 billion in July. At the same time, the Federal Reserve's monetary policy has entered a stage of easing expectations, with the market anticipating more liquidity entering the cryptocurrency market. Additionally, the GENIUS Act promoted by the U.S. has brought a clearer regulatory framework to the cryptocurrency market, enhancing market confidence.

From a technical perspective, Bitcoin's price is below a key resistance level, showing a "failed breakout" oscillation pattern. The 4-hour MACD shows a bearish divergence, with prices reaching new highs but momentum weakening. The daily RSI has retreated from an overbought state but is still above a healthy range, and the implied volatility in the options market has surged, indicating a risk of long crowding.

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