#夏日创作营 Double joy! Trump backs down on crypto bill, Bitcoin breaks above $66k, and Ethereum surges nearly 2,000

On July 22, the crypto market saw a explosive rally. After nearly a month, Bitcoin first reclaimed the $66k level, while Ethereum regained $1,900 and briefly touched $1,950. The core catalyst behind this rebound is Trump making a key concession on the ethics provisions in the “Clarity Act,” combined with Bitcoin spot ETF inflows staying net positive for 5 straight days and exceeding $700 million in total—together igniting bullish sentiment.
As of July 22, 2026, Bitcoin (BTC) is trading in the $66,300–$66,600 range, with a 24-hour gain of about 1.5%–2%. Since the July 1 low near $58,000, it has rebounded about 15% in total; Ethereum (ETH) is in the $1,920–$1,950 range, up about 1%–3% over 24 hours. Compared with the June 26 low of $1,500, ETH has rebounded about 29%.

1. Market snapshot: Bitcoin regains $66,000, Ethereum hits a 7-week high
On July 22, the crypto market continued its recent strong momentum. After nearly a month, Bitcoin broke above the $66,000 threshold for the first time, with a peak near $66,900 and edging toward the $67k psychological level. As of the time of writing, BTC is consolidating in the $66,300–$66,600 range, up about 1.53%–1.65% over 24 hours. Since the July 1 low near $58,000, Bitcoin has rebounded about 15% in total, but is still down about 26% year-to-date in 2026. Ethereum is performing even more strongly—after breaking above $1,900, it kept pushing higher and briefly reached $1,950, setting a 7-week high. ETH has rebounded about 29% from the June 26 low of $1,500, with a 24-hour gain of about 1%–3%. The ETH/BTC ratio rose to about 0.0297, the highest level in three months, as capital starts rotating from Bitcoin into Ethereum. Altcoins followed suit. XRP rose 2.56% to $1.146, Solana edged up 0.16%, and BNB rose 0.38%. Total crypto market cap broke above $2.2 trillion.

2. Dual catalysts: Trump’s concession + ETFs keep pulling in money
The main driving force behind this rise comes from the resonance of two directions.
Catalyst one: Trump makes a key concession on the “Clarity Act.” Multiple media outlets reported on July 22 that U.S. President Trump has agreed to accept the ethics provisions included in the crypto market structure bill (CLARITY Act). This concession breaks the previous impasse between Democrats and Republicans over the bill, making it possible for this highly anticipated crypto regulatory framework to move to a vote before the Senate summer recess on August 7. The “Clarity Act” aims to clarify the division of jurisdiction between the SEC and the CFTC over crypto assets. Once passed, it would become the United States’ first comprehensive digital-asset regulatory framework. The market interpreted Trump’s concession as a positive signal that regulatory uncertainty may soon be removed, directly sparking buying sentiment. Previously, moral controversy over the roughly $140 million in crypto-related personal income from Trump had been the biggest obstacle to pushing the bill through. Now that obstacle has been removed, expectations for the bill’s passage jumped sharply from around 40%.
Catalyst two: Bitcoin ETF net inflows for 5 straight days totaling over $700 million also sent a positive signal.
U.S. spot Bitcoin ETFs have recorded net inflows for 5 consecutive trading days, with cumulative inflow reaching $727 million. Only in the last trading day (July 21), the single-day net inflow was $226 million—its largest daily inflow since July 6. Total assets under Bitcoin ETFs have recovered to above $79 billion. The year-to-date cumulative net outflows caused by the record outflows in May and June (total about $6.9 billion) have now fallen to below $5 billion. Consecutive days of net inflows indicate that the prior “institutional ongoing retreat” is being fundamentally reversed. The simultaneous strength in U.S. stock semiconductor sectors also reinforces risk appetite; Nasdaq and chip stocks rebounded, providing macro-level sentiment support for the crypto market.

3. Market structure improvement: ETH/BTC ratio rises to a 3-month high
Ethereum’s performance this round has been significantly better than Bitcoin, driven by real improvements in market structure. The ETH/BTC ratio has risen to about 0.0297, the highest level in three months. This suggests that capital is rotating from Bitcoin into Ethereum; historically, this pattern often precedes stronger performance across the overall altcoin market. When Ethereum begins to outperform Bitcoin, it usually reflects improving investor confidence rather than purely speculative buying.
From a technical perspective, Ethereum has reclaimed the key psychological level of $1,900. The next resistance lies around $1,950, followed by the $2,000 whole-dollar level. The $1,850–$1,880 area below has become the first important support. However, some analysts note that Ethereum’s on-chain usage demand has not yet recovered to the level seen 6 months ago, and DEX weekly trading volume has fallen to $7.2 billion. Whether Ethereum can push further toward $2,100 still depends on whether on-chain indicators improve in sync.

4. Key price levels and technicals
Bitcoin: $67,000 is the next hurdle
BTC has effectively held above $66,000 and is currently digesting profit-taking.
Key support: $65,500–$66,000: the recent breakout start point, also the short-term line between bulls and bears
$64,500–$65,000: if it pulls back into this area and stabilizes, it is the ideal entry zone for bulls
$63,500–$64,000: the 200-week moving average overlaps with strong support
Key resistance: $67,000–$67,500: short-term pressure zone; profit-taking appeared after it was touched
$68,000: the key inflection point highlighted by BitSthame? (from the source: “比特派报告”); the 4-hour level shows the bullish golden-cross structure remains intact, with both lines running stably above the zero axis, confirming the medium- to long-term bullish structure. However, the expansion of the upward momentum bar has stalled; the short-term needs consolidation to build up energy.

Ethereum: $2,000 as the medium-term target
ETH is approaching the $1,950 resistance zone. The next target directly points to the $2,000 psychological level.
Key support: $1,880–$1,900** (bull-bear transition zone), **$1,850 (if it breaks, it will increase the probability of a pullback)
Key resistance: $1,950** (7-week high), **$2,000 (psychological whole-dollar level)**

5. Outlook: Three major things decide the direction of the July closing battle
Entering the second half of July, three key variables will determine whether this rebound can continue:
Variable one: legislative progress on the “Clarity Act” (the most critical). Trump’s concession on ethics provisions cleared the biggest hurdle for the bill’s advance, but whether the Senate can complete the vote before the August recess remains uncertain. If the bill passes before the recess, it will become the core catalyst for the mid-term trend.
Variable two: the FOMC meetings on July 28–29. Although the probability of a rate hike in July has fallen to single digits, Wash’s hawkish tone has not changed, and the door for a September rate hike is still not closed. The Fed’s wording will be the indicator of liquidity expectations for the second half of the year.
Variable three: the persistence of ETF fund inflows. Consecutive days of net inflows exceeding $700 million are clearly positive, but the shadow of outflows over the previous months has not been fully erased. If institutional capital keeps returning, it will confirm a structural improvement on the demand side.

6. Trading suggestions: follow the trend, but be cautious about chasing
For short-term traders, the bullish structure is currently intact, but the short-term rally has been large and there is technically pressure from profit-taking.
BTC strategy: watch the $65,500–$66,000 support zone. If a pullback holds and stabilizes, you can participate with a light position. Targets are $67,000–$67,500. If price meets resistance and pulls back around $67,000, it is not advisable to chase. Stop-loss can be set below $65,000.
ETH strategy: focus on the $1,880–$1,900 support zone; if it holds, you can take part in the rebound with targets at $1,950–$2,000.
For medium- to long-term investors, Trump’s concession on the “Clarity Act” marks a breakthrough in the U.S. crypto regulatory framework—this is the most important policy signal since 2026. With ETF funds continuing to flow back, the ETH/BTC ratio rising, and macro expectations improving, three positive signals are converging. The $64,000–$65,000 zone still has value for phased allocation from a long-term perspective. The late-July FOMC meeting and the “Clarity Act” vote will be key checkpoints to validate whether this rebound can sustain.

Risk warning:
Uncertainty over the “Clarity Act”: although Trump’s concession removes the biggest obstacle, whether the Senate can complete the vote before the August recess remains uncertain
Uncertainty in FOMC policy: Wash’s hawkish tone has not changed, and the probability of a September rate hike should not be ignored
Short-term upside has been too large: Bitcoin has rebounded about 15% since the July low, and there is technical pressure from profit-taking
Ethereum fundamentals are relatively weak: on-chain usage demand has not recovered to the level from 6 months ago, and DEX turnover has fallen