BitUnix analyst: Stablecoins bill assists BTC to reach new highs, short-term caution should be taken against liquidity lock up pressure

According to BlockBeats, on July 11th, the price of Bitcoin hit a new historical high today, reaching $118389.8, and the Crypto Panic Greed Index rose to 72. In the past 24 hours, the market's liquidation amount reached 1.17 billion US dollars, with empty orders accounting for as high as 89%. In addition, Trump announced a 35% tariff on Canada, and there have been disagreements over the tariff agreement with Vietnam, further increasing inflation and geopolitical risks. On the other hand, the highly anticipated GENIUS bill is expected to be submitted to the House of Representatives for a vote next week. The bill will establish the first regulatory framework for stablecoins in the United States and is expected to become the first major legislative achievement in the Trump administration's cryptocurrency policy, which will be beneficial to the overall market. BitUnix analysts suggest: BTC has quickly cleared a large number of short positions since breaking through 113000, and is currently consolidating in the range of 116500-117500, which is a newly formed high-density hanging order and potential pressure zone. The upper resistance is estimated to be at the 120000 integer level. The short-term bullish trend continues, but the market has entered a high concentration trading zone, leading to an increase in chasing high risks. If it falls below 112500, be alert to short-term adjustment risks.