BTC Price Analysis: Key Support at $117,000 Amid EU-US Trade Tensions and Macroeconomic Uncertainty
On July 24, EU diplomats reaffirmed their commitment to implement anti-coercion measures should negotiations with the United States fail to yield a resolution. In response, US Treasury Secretary Besent emphasized that the EU must present an innovative financing arrangement akin to Japan’s model to qualify for a 30% tariff reduction. To date, the EU has yet to submit a concrete proposal, resulting in stalled talks and heightened concerns over potential transatlantic trade tensions.
According to Bitunix analysts, Bitcoin (BTC) is currently trading near the $119,300 mark amid ongoing macroeconomic uncertainty. The price range between $120,800 and $121,200 is identified as a critical zone for short-term liquidation pressure. Support at $117,000 remains pivotal; a breach below this level could trigger a cascade of stop-loss orders. Traders are advised to employ a range-bound strategy, capitalizing on price fluctuations between $117,000 and $121,200, while monitoring for a breakout above $121,800 as a potential bullish indicator. Conversely, failure to maintain $116,500 suggests a cautious approach to mitigate liquidation risks.
The broader market outlook continues to be shaped by evolving macroeconomic policies and international trade dynamics. Investors are encouraged to maintain agility in their trading strategies, given the fluid nature of geopolitical and economic developments influencing crypto asset performance.