Bitcoin breaks through key resistance level, Fed policy and new regulations in Hong Kong become the focus.

robot
Abstract generation in progress

Crypto Market Focus: Bitcoin and Ethereum Key Breakthrough Levels

Market Observation

Recently, the market's focus has concentrated on the Federal Reserve's interest rate policy. Although inflation data has shown some cooling, several Federal Reserve officials indicated that more time is needed to observe and confirm that price increases do not evolve into persistent inflation, thus maintaining a cautious stance on a rate cut in July. The majority view suggests that the current monetary policy is in a good position, leaning towards considering a rate cut later this fall or even later. This attitude stems from a reliance on future data and a prudent assessment of external factors, while there are signs of a slowdown in the labor market, it has not yet shown significant weakness, providing the Federal Reserve with support to wait patiently.

On Thursday, the three major U.S. stock indexes collectively rose, led by technology and bank stocks, with the S&P 500 and Nasdaq Composite indexes nearing historical highs. At the same time, U.S. Treasury yields fell across the board, and the dollar index declined for the fourth consecutive day, reaching its lowest level in three years. Market expectations for at least two interest rate cuts by the Federal Reserve this year have strengthened.

In terms of regulation, the Hong Kong government has released a new declaration on the development of digital assets, marking a new phase for digital assets in Hong Kong. The policy clearly states that a licensing system for stablecoins will be implemented by 2025, promoting the tokenization of real-world assets, and providing tax incentives for tokenized ETFs and funds to attract international capital. Through regulatory frameworks, asset transparency, and tax competitiveness, Hong Kong is becoming a new hub for the global digital economy.

The price of Bitcoin has recently rebounded nearly 10% from $98,188, but the upward momentum has slowed. Today marks the largest scale expiration of Bitcoin and Ethereum options this year, which may exacerbate short-term volatility. Analysis shows that the price of Bitcoin is currently mainly driven by macro news, receiving strong support in the range of $93,000 to $100,000. However, both on-chain transfer volume and spot trading volume are on a downward trend, and the cautious sentiment in the futures market is rising, indicating that the market lacks the momentum to break new highs before a demand recovery.

The July interest rate freeze is almost certain, the market focuses on Bitcoin 109,000 and Ethereum 2,500 USD | Hashkey Trading Moment

Multiple analysts have stated that Bitcoin needs to break through the resistance range of $108,000 to $110,000 and turn it into support in order to enter a new price discovery phase and achieve higher targets. Currently, the MVRV ratio is 2.22, below the historically overvalued range, indicating there is still room for an increase. If the MVRV momentum strengthens, coupled with support from ETF fund inflows, the price of Bitcoin could break through the current high of $112,000 and even reach above $165,000.

For Ethereum, analysis indicates that $2200 is the macro bottom, and the price needs to effectively return above $2500 to initiate a stronger rebound. Furthermore, on-chain activity has cooled, with the recent directive from the Federal Housing Finance Agency in the United States accepting cryptocurrencies as collateral for mortgage assets, driving an "home buying narrative" on-chain.

The probability of no interest rate cut in July is quite high, the market focuses on Bitcoin 109,000 and Ethereum 2,500 USD level | Hashkey Trading Moment

Key Data

  • Bitcoin: $107,432 ( Year-to-Date +14.64% ), Daily Spot Trading Volume $20.96 billion
  • Ethereum: $2,439.40 ( Year-to-date -26.91% ), daily spot trading volume is $10.53 billion
  • Fear and Greed Index:65( Greed )
  • Average GAS: BTC: 1 sat/vB ETH: 0.65 Gwei
  • Market Share: BTC 65.1%, ETH 9.0%
  • 24-hour BTC long-short ratio: 0.9826
  • Sector fluctuations: RWA down 2.45%; NFT sector down 1.83%
  • 24-hour liquidation data: A total of 89,720 people were liquidated globally, with a total liquidation amount of 201 million USD, including BTC liquidations of 55.51 million USD, ETH liquidations of 34.49 million USD, and SOL liquidations of 14.04 million USD.
  • BTC medium to long-term trend channel: upper line (106587.58 USD ), lower line (104476.93 USD )
  • ETH medium to long-term trend channel: upper line ( 2473.90 USD ), lower line ( 2424.91 USD )

ETF Flow ( as of June 26 )

  • Bitcoin ETF: +$228 million ( continued net inflow for 13 days )
  • Ethereum ETF: -26.4579 million USD

Interest rate not dropping in July is almost a certainty, market focuses on Bitcoin 109,000 and Ethereum 2,500 USD threshold | Hashkey Trading Moment

Today's Outlook

  • A certain trading platform will delist the perpetual contracts for SANDUSD, ALGOUSD, and TONUSD.
  • Pipe Network will launch PIPE token sale on CoinList.
  • Yield Guild Games(YGG) will unlock approximately 14.08 million tokens.
  • SingularityNET(AGIX) will unlock approximately 7.15 million tokens.
  • Artificial Superintelligence Alliance(FET) will unlock approximately 3.1 million tokens.

Top 500 largest increases in market value today: Dohrnii (DHN) increased by 160.89%, Levana Protocol (LVN) increased by 70.88%, AI Companions (AIC) increased by 32.35%, Euler (EUL) increased by 20.79%, Dog (Bitcoin) (DOG) increased by 9.86%.

Hot News

  • Grayscale updates Q3 Top 20 asset list: added AVAX and MORPHO, removed LDO and OP
  • Galaxy and Manifold deposited 30 million USDC into HyperLiquid and began purchasing HYPE.
  • A certain whale deposited 1613 Bitcoins to a trading platform, worth 173 million dollars.
  • Aqua 1 announced a $100 million strategic investment in WLFI governance tokens.
  • Huaxing Capital announces $100 million entry into the Web3.0 and crypto market.
  • A trading platform will delist 5 tokens including ALPHA and BSW on July 4.
  • A certain options trading platform: $15 billion in BTC options and $2.3 billion in ETH options are about to expire, with the maximum pain point for BTC at $102,000.
  • A certain trading platform's monthly Bitcoin inflow has dropped to 5,700 BTC, less than 50% of the monthly average since 2020.
  • The listed company SharpLink Gaming has continued to purchase 5,989 ETH through Galaxy Digital in the past day.
  • GameStop raises $450 million again, which may be used to purchase BTC
  • Movement repurchase address withdrew 83 million MOVE from a certain trading platform in the past 9 hours.
  • The Solana re-staking protocol Fragmetric has launched the FRAG token, with the first airdrop accounting for 10% of the total supply.
  • zkLend announces project closure, remaining funds will be used for user compensation.
BTC-1.81%
View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • 2
  • Share
Comment
0/400
ImaginaryWhalevip
· 18h ago
Old Powell wants to wait and see again, I guessed it a long time ago.
View OriginalReply0
MidsommarWalletvip
· 18h ago
Now's the time to rush, those who buy the dip have all made it!
View OriginalReply0
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate app
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)