BTC: As of July 21, 2025, the current price of BTC is $119000; Yesterday's closing pattern was a "spindle line", indicating a brief balance of power between long and short positions. Although the trading volume did not significantly increase, the short-term trend was still dominated by multiple parties. On chain data shows that the daily turnover of Bitcoin did not exceed 40000, and the decrease in liquidity indirectly stabilized price fluctuations. According to URPD data, 1.728 million bitcoins have accumulated in the range of $103500 to $108500, becoming the strongest support level; The range of $93500 to $98500 has accumulated 1.665 million bitcoins, making it the second strongest support level. At the macro level, there were no significant macro data releases this week. Overall, there is a risk of emotional overheating in the market in the short term. There is also a clear fault zone in the $112000-114000 range. From the perspective of market operation logic, if prices are used to compensate for this gap in the subsequent market adjustment process, it is in line with the normal laws of the market. However, from a long-term perspective, in this market cycle, regardless of the height at which the Bitcoin price climbs, there will be strong funds actively entering and accepting the market. This strong ability to receive funds has laid a solid foundation for the sustained rise of Bitcoin prices, and will not change its overall upward trend due to short-term market fluctuations.