HTX DeepThink: Bitcoin Gathers Strength in Consolidation Phase, Japanese Political Situation and Tariff Negotiation Progress May Determine Short-term Direction

July 24th. According to the analysis in the HTX DeepThink column, Bitcoin surged to as high as $121,800 yesterday and then retreated to around $118,000 for consolidation. On-chain data indicates that the average market chip profit margin has reached 57%, and due to short-term selling pressure, the upside potential is limited. Currently, Bitcoin is gathering strength while waiting for directional signals. Two major catalytic factors to pay attention to are: profit-taking and macroeconomic clarity. The turmoil in the Japanese political situation may affect the progress of the August US-Japan tariff negotiation. Although the EU and the US have postponed tariffs for the time being, they are struggling to ease global uncertainty. The CME BTC futures positions remain high, the inflow of stablecoins is slowing down, and funds are mostly in a wait-and-see state. It is expected that BTC will fluctuate in the range of $115,000 to $123,000 in the short term, and early August will be a key decision-making point for the direction.