Bitcoin News Today: U.S.-India Trade Tensions Push Bitcoin to $118K Support, $120K Resistance Lingers

The U.S. and India continue to face uncertainty in finalizing a trade agreement ahead of the August 1st tariff deadline, according to U.S. Trade Representative Grier, who emphasized the need for further negotiations and caution regarding potential dealmaking [1]. India’s red lines in core industries like agriculture and dairy have complicated progress, with escalating trade tensions posing risks to global market sentiment. In the cryptocurrency market, Bitcoin’s price rebounded after testing the $117,400 level multiple times, currently trading within a $118,000–$120,000 range [1].

Bitunix analysts highlight that the stalemate in U.S.-India trade talks has intensified safe-haven demand, providing short-term support for Bitcoin near $118,000. However, upward momentum remains constrained by the psychological $120,000 resistance level, which has historically acted as a barrier. Investors are advised to monitor the $118,000 support closely and implement strict stop-loss measures to mitigate risks. If Bitcoin fails to break above $120,000 decisively, the analysts caution against chasing higher prices, suggesting a wait-and-reposition strategy for potential entry points [1].

The analyst’s outlook underscores the interplay between macroeconomic developments and crypto market dynamics. While the $118,000 level appears to offer a temporary floor for Bitcoin, the inability to surge past $120,000 could signal broader bearish sentiment. Short-term traders are urged to track macro news and order book heatmaps for real-time directional cues [1]. The U.S.-India trade dispute, if unresolved, may further weigh on risk assets, potentially amplifying volatility in the crypto space.

The analysis aligns with the immediate price action observed in Bitcoin’s chart, where repeated tests of key levels have revealed mixed signals. A sustained break above $120,000 could reignite bullish momentum, while a prolonged consolidation below $118,000 might trigger renewed sell-offs. The Bitunix team’s recommendations emphasize technical discipline, advising traders to prioritize risk management over speculative bets amid heightened macroeconomic uncertainty [1].

Source: [1] Bitunix Analyst: Uncertain Outlook for US-India Trade Agreement, BTC $118,000 Forms Short-Term Support, $120,000 Still a Resistance Level (https://www.theblockbeats.info/en/flash/304972)