7.23 Thursday morning

Yesterday, the positive U.S. crypto bill headlines became reality. BTC surged to 66,900 and then quickly pulled back to the low region. In the short term, the “use the news to distribute” scheme played out again. At the moment, the market is ranging around 66,000, trading volume is continuously shrinking, indicating that no additional off-exchange capital is following—this is purely a battle for existing liquidity.

The good news is that ETH spot has recorded net inflows for 6 consecutive days. Institutions are slowly accumulating at lower levels, providing the market with implicit support. So even if this move retraces, the upside/downside space is limited—don’t expect a deep dive.

In terms of trading, it’s still mainly short-following (sell rallies), but you need to time the levels well:

BTC: wait for selling/rally rejection at the 66,600-67,300 zone, target: around 65,200-64,700
ETH: wait for selling/rally rejection at the 1,960-2,000 zone, target: around 1,900-1,860

Pay attention to two points: first, the news has already been digested for the most part—be cautious about chasing trades; second, the market is moving slowly—after entering, give it some patience and don’t get washed out by small fluctuations. Keep your defense tight and control your position size.
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