Crypto Market Update: Ethereum is expected to break through long-term resistance, Bitcoin may rally first before pulling back.

Market Observation

Recently, the US and Europe reached an agreement on trade issues, avoiding a full-blown trade war, but there are differences in details, bringing new uncertainties to the global economy. Market focus has shifted to the domestic US scene, where the Federal Reserve is expected to maintain interest rates this week, but faces pressure to cut rates. Wall Street is about to enter a "moment of truth", as in addition to the interest rate decision, earnings reports from tech giants, GDP, and employment data will be released intensively, testing the resilience of the US economy.

Leaders in the encryption industry have changed their views on market cycles, with some believing that the traditional four-year cycle is no longer applicable, and the market has entered a "sustained and stable prosperity" phase. However, polls show that the public's holding rate of cryptocurrencies remains low, with most investors viewing them as high-risk assets.

In terms of recent performance, an analyst pointed out that Bitcoin experienced a fluctuating decline after reaching a historical high of $123,000, having once fallen below the support level of $116,000. Factors such as macroeconomic uncertainty and changes in institutional capital flows have collectively influenced the price trend. In the short term, Bitcoin may continue to face pressure, but the long-term trend depends on the evolution of the global economy and regulatory environment.

Multiple analysts have made predictions about the short-term trend of Bitcoin. Some believe that Bitcoin needs to break through and stabilize at $119,500 to initiate a new round of increases. Other analyses point out that Bitcoin is between two key liquidation zones, and it is expected to first touch the upper area before reversing to the lower one. Additionally, some analysts have proposed two scenarios: the worst-case pullback to $112,000, and the best-case hitting $125,000 in August.

For Ethereum, an analyst stated that driven by multiple positive factors, Ethereum is expected to break through a four-year-long resistance level, and it is almost inevitable to break through $4000 this week.

In addition to mainstream assets, the price of BNB has also been active, reaching a new high of $855. Several listed companies increasing their holdings of BNB may have driven its recent strong performance. In addition, tokens like VINE and ZORA have also seen significant increases. In the NFT market, sales on the Ethereum chain have surpassed $157 million, with several projects experiencing notable gains.

Key Data

• Bitcoin price is $119,465, up 27.77% year-to-date.
• Ethereum price is $3,933.53, with a year-to-date increase of 17.76%
• Fear and Greed Index is 75, in the greed zone.
• Bitcoin market share 60%, Ether 11.9%
• In the past 24 hours, 94,528 people globally have been liquidated, with a total amount of 249 million US dollars.

ETF Capital Flow

• Bitcoin ETF net inflow of 130 million USD
• Ethereum ETF net inflow of $453 million, with a continuous net inflow for 17 days.

Today's Focus

• Multiple tokens will be swapped or renamed.
• Some projects will be launched on the mainnet or new platforms
• JUP and SIGN will unlock a large number of tokens.

Market Performance

Among the top 100 coins by market capitalization today, the largest gainers include HEX, PancakeSwap, SPX6900, Optimism, and Ethena.

Hot News

• Ethereum is about to celebrate its tenth anniversary.
• The "reciprocal tariff" window period in the United States is approaching.
• The Federal Reserve will announce its interest rate decision.
• Multiple tokens will experience large unlocks.
• The sales of NFTs on the Ethereum chain reached nearly 160 million USD.
• 80,000 BTC that had been dormant for 14 years were transferred, possibly related to historical hacking incidents.