⚠ $BTC 7.1 Crypto Market Quick Look

@E0️@Risk Warning: Cryptocurrency is highly volatile. This content is for market reference only and does not constitute investment advice. High leverage in futures contracts carries extreme risk.
BTC is currently at $59,300, plunging intraday and breaking below the key support level of $59,000, hitting a low of $58,200, a new stage low. The 24-hour drop is nearly 2.8%, with no volume during rebounds, further strengthening the bearish trend. ETH has weakened in tandem to $1,528, underperforming BTC. Altcoins are all crashing sharply, with small-cap coins generally dropping 4%-7%, and no hotspots for market cohesion. The Fear & Greed Index stands at 16, indicating extreme fear. Heavy long-position liquidations occurred in the past 24 hours. BTC spot ETFs continue to see large redemptions as institutional capital keeps exiting, and market incremental funds are drying up.
The core pressure on the market stems from heightened hawkish expectations from the Fed, sticky inflation data, and the probability of a September rate hike rising to 80%. U.S. bond yields and the dollar are both rising, consistently suppressing non-yielding crypto assets. This is compounded by early-month institutional rebalancing, ongoing capital diversion to the U.S. stock AI sector, and the failure to deliver regulatory incentives in a timely manner — multiple bearish factors converging.
BTC short-term resistance is $60,000-$60,500, strong support at $58,000. An effective breakdown will target the $57,500 range. ETH resistance is $1,600, support at $1,530. The short-term market will remain weakly volatile, with rebounds unlikely to change the downtrend structure. For spot trading, stay on the sidelines and do not rush to buy the dip. For futures, strictly control leverage; small short positions can be attempted on rebounds. Avoid altcoins as much as possible. Watch for potential wick movements caused by U.S. stock and bond market volatility in the evening.