Hours after breaching the $123,000 mark on July 14, bitcoin ( BTC) briefly dropped to $116,221 before gradually returning above $117,000. The plunge ended a rally that saw BTC log double-digit gains in just four days. At the time of writing, on July 15, 7:30 a.m. EST, the top crypto asset, which saw its market dominance rise to 63%, was trading just over $117,138.

Bitcoin’s drop also resulted in a reversal of fortunes for short traders who saw positions valued at over $1 billion liquidated between July 10 and 11. As shown by Coinglass data, over $380 million in long positions had been liquidated within 24 hours at the time of writing. In contrast, just over $80 million in short bets, which accounted for more than 90% of all liquidated positions on July 11, had been forced to close.

Meanwhile, Bitunix Analyst attributed BTC’s pullback to rising geopolitical tensions sparked by U.S. President Donald Trump’s threat to impose stiff tariffs on Russia if it fails to agree to a ceasefire with Ukraine.

“President Donald Trump, in a BBC interview, expressed ‘disappointment’ with Vladimir Putin, warning that if a ceasefire agreement is not reached within 50 days, the U.S. will impose a new round of tariffs. Meanwhile, U.S. military aid to Ukraine has increased, raising the risk of escalation in the Russia-Ukraine war and heightening global geopolitical uncertainty,” the Bitunix Analyst stated.

Until recently, the U.S. President had refrained from using threats to force Moscow to the negotiating table. However, Russia’s escalating bombardment of Ukraine in the last few weeks has miffed Trump, who now openly expresses his frustration with President Putin’s apparent reluctance to end the conflict.

Meanwhile, in addition to Trump’s tariff threat, which coincided with a rally on the Moscow Stock Exchange, a Bitunix analyst links bitcoin’s pullback to U.S. June consumer price index (CPI) forecasts pointing to a “0.3% monthly increase driven by rising oil prices and tariff-related costs.” This, along with the prospect of further increases, dampens expectations that the U.S. Federal Reserve will cut interest rates.

“This has dampened market expectations for a near-term Fed rate cut, with CME data showing the probability of a September rate cut dropping to 60%,” the analyst added.

According to Bitunix, traders should closely monitor the key support zone between $117,000 and $116,300, as holding this level could lead to a rebound. However, a break below it would indicate the next significant support at $110,500. Rather than chasing the market, Bitunix advised traders to wait for clearer signals, especially the upcoming CPI data, which is expected to significantly influence market sentiment.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。