Good morning, everyone!

Let's start with the latest developments on the news front.

The biggest focus last night was the renewed escalation of the situation in the Middle East.

US President Trump announced that the interim memorandum of understanding previously signed with Iran has been terminated, and the US military then launched a new round of strikes against Iranian targets. In response to the US actions, Iran's response remained tough, stating that it would carry out larger-scale retaliation and again signaled the possibility of blocking important waterways such as the Strait of Hormuz. At the same time, Israel has also raised its national combat readiness level, putting the Middle East back into a state of high tension.

Meanwhile, the Federal Reserve released the minutes of its June FOMC meeting.

From the minutes, the overall tone remained hawkish. Several officials believed that current inflation is still somewhat sticky, especially the cost pressures from energy prices and AI infrastructure investment, which are worth watching. Therefore, they remained open to further tightening of monetary policy in the future. Although no rate hike was implemented this time, market expectations for another rate hike within the year have increased, cooling the optimistic sentiment that had previously bet on rate cuts.

Affected by these two bearish factors, all three major US stock indexes weakened overnight, and Bitcoin also fell. What the market is most worried about now is not the events that have already occurred, but whether the situation in the Middle East will expand further. If shipping through the Strait of Hormuz is affected again, international oil prices may continue to rise, which could reignite global inflationary pressures. The Fed may also extend the period of maintaining high interest rates, which is not good news for risk assets.

However, from the current perspective, although the broader market has seen some pullback, there has not yet been panic selling. Therefore, the next market move still needs to focus on two aspects:
One is whether the US-Iran situation continues to escalate;
The other is the market's further interpretation of the Fed meeting minutes.

If the Middle East conflict continues to intensify and risk aversion rises, the crypto market may see further pullbacks. So for near-term operations, I personally still recommend focusing on intraday trading, controlling positions, staying conservative, and patiently waiting for a new market direction.

For today's broader market, I personally maintain a bias toward weak consolidation, expecting relatively limited room for rebounds.
Focus on the following key levels:
BTC: Focus on support near $60,000.
ETH: Focus on support near $1,650.
SOL: Focus on support near $74.5.

Overall, the biggest variable in the market remains the news front. Before major events become clear, it's more important to stay cautious than to blindly chase rallies.
$BTC ‌$ETH ‌$SOL ‌