$ETH Liying in the Crypto Circle: Latest Market Analysis of Bitcoin (BTC) and Ethereum (ETH) on July 1

Bitcoin’s current price is 58,500. The current market is facing pressure above and support below, but overall it is weak. Although there have been several rebounds in the middle, each rebound’s high point has been decreasing, which shows that bearish forces still have the upper hand. The technical indicators are currently not optimistic. The moving averages are showing a typical bearish alignment, indicating that the overall trend is still downward. MACD is still in a weak zone and could potentially form another death cross to the downside at any time. The Bollinger Bands are tightening, and the lower band at 58,499 forms short-term support. If the price cannot effectively hold above the middle band and break through EMA30, it is highly likely to test the lower band again or even break below the previous low of 58,030. Overall, indicator convergence shows that bears still control the initiative.

Short-term idea reference:

Go long at 58,000-57,000, stop loss at 56,500, target 59,000 aiming at 60,500

Go short at 60,000-60,500, stop loss at 61,000, target 59,000 aiming at 58,000

Ethereum

At the time of writing, Ethereum is trading at 1,566. To be honest, this is just a frustrating grind. It’s neither up nor down, like a heart monitor that’s about to go flat. The big players are washing out the impatient retail traders. In the short term, EMA7 and EMA30 are almost glued together, and both are being suppressed below the long-term EMA120. This indicates that although the short-term selling pressure has stopped, the medium-term trend remains bearish, with heavy resistance in the 1,583-1,620 range above. The MACD indicator shows a balance between bulls and bears; the market has lost clear direction and is in an extremely low-volatility state. The upper and lower Bollinger Bands are tightening sharply. Lower-band support is around 1,550, and upper-band resistance is at 1,624. We need to wait for a strong bullish candle or a strong bearish candle to break this balance.

Short-term level reference:

Go long at 1,540, defense at 1,500, stop loss at 1,450, target 1,600 aiming at 1,650

Go short at 1,650, defense at 1,700, stop loss at 1,750, target 1,600 aiming at 1,550

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