BTC: As of July 23, 2025, the current price of BTC is $118100; Yesterday's closing pattern was a "small bullish line", with reduced volume and short-term bearish forces taking the upper hand. On chain data shows that the US spot Bitcoin ETF had a net outflow of 715 units (approximately $85.8 million) yesterday, with a slight sell-off for three consecutive days, a decrease in turnover rate, shrinking liquidity, and a strong wait-and-see sentiment among players. According to URPD data, 1.629 million bitcoins have accumulated in the range of $103500 to $108500, becoming the strongest support level; The range of $93500 to $98500 has accumulated 1.653 million bitcoins, making it the second strongest support level. At the macro level, the expectation of interest rate cuts still exists, and the lack of short-term domestic policy signals will continue to limit market strength. Overall, Bitcoin is still in a period of consolidation and volatility, but it is expected to try to make up for the price gap between $112000 and $114000 in the short term. In contrast, the altcoin market is volatile and the adjustment range has increased. However, with emotional recovery and policy clarity, next month may open a new upward window for the cryptocurrency market.