7.21 Midday Thoughts

Midday focus, with a sideways bias: After last night’s BTC surge pushed up to the monthly profit-taking target of $65,799, it quickly met resistance and dropped back. During the midday session, the current price is consolidating in a narrow range around $65,300. The biggest weakness of this surge is still the severe shortage of incremental spot capital. The entire lift comes purely from a passive rebound/repair driven by concentrated liquidation closures on the short side. Spot BTC has been maintaining a long-term net outflow state, with institutional capital’s wait-and-see sentiment at its peak. The surge is not getting any volume expansion to back it up, and bullish confidence is seriously lacking—this is the core reason the price drops immediately.

BTC: rebounds/repays near the $66,100–$66,600 short zone; the target is toward the $64,700–$64,200 area.
ETH: rebounds/repays near the $1,950–$1,990 short zone; the target is toward the $1,890–$1,850 area.
$BTC $ETH #GUSD年化升至3.8%