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Bitcoin’s price action has shown intense strength in recent days to finally 
bounce fully from the weakness in late June. After briefly dipping into the 
low $108,000 range in the past 24 hours, Bitcoin managed to surge to a new 
all-time high of $112,022. According to data from Coinglass, this move was 
enough to cause over $470 million in short liquidations across the crypto 
market. Bitcoin&#8217;s latest price behavior has sparked a shift in sentiment and 
aligns with the argument that the window for shorting may have officially 
closed. According to crypto analyst CrediBULL Crypto, it is now effectively 
“illegal” to short Bitcoin. New Bitcoin Impulse May Have Already Started 
Taking to the social media platform X, crypto analyst CrediBULL Crypto noted 
that it is now illegal to short Bitcoin. This comment comes alongside a 
24-hour period of intense price activity, with on-chain data showing a trading 
volume of $60.15 billion. Related Reading: Institutions Buy Bitcoin In Record 
Numbers, But Why Is Price Still Below $111,900 ATH? CrediBULL Crypto posted a 
detailed chart and technical analysis on X, explaining why he believes 
shorting Bitcoin is now a dangerous strategy. Notably, his analysis is based 
on the Elliott Wave count on the 8-hour candlestick timeframe chart. His 
previous wave analysis reflects two possible scenarios. The first involves a 
brief rejection above $110,000 followed by a corrective pullback toward the 
$102,000 zone, an area he highlighted as a key daily demand level. The outcome 
would be a sideways consolidation before the next major upward impulse. 
However, he has since acknowledged that Bitcoin may have already begun its 
next major leg up, which is the second scenario. This scenario bypasses the 
corrective phase in the first scenario entirely. As the analyst phrased it, 
“there is a non-zero chance that the next impulse up has already begun.” In 
either scenario, CrediBULL’s commentary stresses that the downside from 
current levels is limited, and shorting Bitcoin now is equivalent to fighting 
strong upward momentum. Why Shorting Bitcoin Now Is A Dangerous Bet It’s now 
illegal to short Bitcoin. Not in the literal legal sense, but because 
Bitcoin&#8217;s current structure no longer supports bearish bets. The current setup 
is one of a continuation above $111,000 in the coming days. If Bitcoin does 
clear the $111,000 to $112,000 range with enough conviction, it would confirm 
a vertical rise into wave 3 of a new Elliott impulse cycle. Related Reading: 
Bitcoin Price To See 52% Increase To $166,000, Analyst Reveals Tight Timeline 
Interestingly, the price target for this Wave 3 is around $130,000. A 
correction may follow from that level to form an impulse Wave 4 before Bitcoin 
enters another strong bullish leg. Then, finally, the most bullish scenario 
places Bitcoin on a final Wave 5 movement to $150,000. At the time of writing, 
Bitcoin is trading at $111,270. The downside is currently limited, and the 
focus now should be on identifying long opportunities rather than attempting 
to short what may be the early stages of another explosive rally. Featured 
image from Pixabay, chart from Tradingview.com

Market Expert Says It’s Now ‘Illegal’ To Short Bitcoin, Here’s Why

Another bitcoin mining firm is pivoting. Bit Mining Limited announced a 
strategic expansion into the Solana ecosystem, planning a treasury of SOL 
tokens worth up to $300 million to fuel the company’s shift. Bit Mining 
Allocates Up to $300M for Solana Integration The NYSE-listed cryptocurrency 
mining company said this move aims to capture opportunities across […]

Bit Mining Shifts Strategy, Enters Solana Ecosystem With $300M Plan

SUI broke out of an inverse head-and-shoulders pattern, opening the door for a 
rally to $3.89.

SUI bullish chart pattern confirmation sets breakout target at $3.89

Jonathan Gould will return to the OCC as Comptroller of the Currency to serve 
a five-year term following his nomination by US President Donald Trump.

US Senate confirms ex-Bitfury exec to lead OCC banking regulator

Nicholas Truglia was initially sentenced to 18 months behind bars for carrying 
out SIM-swapping attacks against crypto investors.