BTC: As of July 29, 2025, the current price of BTC is $118800; Yesterday's closing pattern was a "small bearish candlestick", indicating an increase in volume, indicating that short-term bearish forces are dominant. On chain data shows a net inflow of 1315 US spot Bitcoin ETFs ($157 million) yesterday, indicating stable institutional confidence. The turnover rate is moderate, short-term holders are active, long-term holders are wait-and-see, and market sentiment tends to stabilize. According to URPD data, 1.569 million bitcoins have accumulated in the range of $103500 to $108500, becoming the strongest support level; The range of $93500 to $98500 has accumulated 1.641 million bitcoins, making it the second strongest support level. Overall, Bitcoin maintains a range consolidation. Although the $114000 gap has been successfully filled, there is still an unfilled gap in the $112000 front line. If it is difficult to break through the previous high pressure in the short term, there may be a possibility of a second retracement. Although there are short-term differences in the current market, the structure is still biased towards excess. The continuous inflow of funds, active rotation of counterfeit coins, and support from institutional voices may indicate that there will be another opportunity for upward momentum after the market adjustment.