$BTC July 23 Crypto Market Daily Analysis

⚠️Risk Warning: Cryptoassets are highly volatile. This content is for market reference only and does not constitute investment advice. High-leverage contracts are prone to liquidation.
BTC current price $65,030. It surged yesterday to 66,800, met resistance and pulled back. During the day it remained in high-range consolidation to digest the gains. The bullish momentum to push higher has clearly weakened; profit-taking at high levels has been continuously realized. In the short term, it has entered a churning/clearing phase.
ETH also pulled back to $1,895, with its performance weaker than BTC. Market divergence is intensifying: major coins are under collective pressure, sell pressure on smaller altcoins has increased, retail investors’ willingness to chase higher has cooled, and funds have rotated back into BTC for risk aversion.
The capital flow picture is split. Spot BTC ETFs have continued net inflows for seven consecutive days. Institutions are still building positions at lower levels, but the scale of daily inflows has kept shrinking. Signs of trimming positions on strength have emerged. This rebound is a corrective move within expectations; a true trend reversal still requires continued validation by incremental capital.
On the macro front, downside factors are gradually becoming apparent. Oil prices continue to rise again, reigniting inflation concerns. U.S. Treasury yields have rebounded, lifting the carrying cost of non-yielding crypto assets. The Federal Reserve is in its quiet period ahead of its policy decision; the market is waiting for the end-of-month interest rate decision, and September rate-hike expectations have not been fully removed. Regulatory bill progress is behind expectations, continuing to suppress medium- to long-term upside space.
Key levels: BTC resistance 66,500-66,800; support 65,000 and 64,300. ETH resistance 1,930; support 1,840.
Trading outlook: During high-range consolidation, stay alert to further pullbacks—never chase. Take profit on existing positions in batches; for spot positions, patiently wait for a pullback to key support before redeploying. For derivatives, strictly control leverage. In the upper pressure zone, try short positions with a light allocation. Altcoins rotate quickly and risk appetite is high—avoid as much as possible. In the evening, continue monitoring for pin-like moves triggered by volatility in U.S. Treasuries and U.S. stocks.