#夏日创作营 Bitcoin market update on 7/24: Middle East fighting has not stopped, and a new tariff policy is coming too!

In the crypto space: According to monitoring data, a wallet suspected to be Abraxas Capital transferred 2,211 BTC to Krak at an average price of 65,074, worth $143.88 million.

Market:
1、On July 24, according to The New York Times: Iranian and Iraqi officials said that on Thursday Iran rejected a ceasefire proposal put forward by US President Trump. The mediation effort ultimately failed, during which Trump threatened to escalate the war and was considering taking action against Iran’s key infrastructure.
2、On July 24, US Central Command: The US military conducted another nighttime strike on Iran’s military targets at 6:45 pm Eastern Time today. This is the 13th consecutive night of such strikes.
3、On July 24, local time on the 23rd, according to Israeli sources: Israel’s Defense Minister Katz said that given the ongoing escalation of tensions with Iran, Israel has currently prepared for “all possible scenarios.”
4、On July 24, the Office of the US Trade Representative announced on the 23rd that, pursuant to Section 301 of the 1974 Trade Act, dozens of countries and regions will be hit with additional tariffs of 10% to 12.5% under the so-called “forced labor” name, to replace the global import tariffs due to expire soon. The new tariffs will take effect on the 24th at US Eastern Time.
5、On July 24, all three major US stock indexes closed lower: the Nasdaq fell 2.15%, the S&P 500 fell 1.21%, and the Dow Jones fell 0.97%. Overall, Trump’s new tariff’s “USD double-edged sword”: in the short term, risk-avoidance buy orders lift the market; in the medium term, the risk of stagflation suppresses it, alongside the escalation of the Middle East conflict. The Houthis attacked Saudi oil tankers, inflation concerns intensified, and this boosted the US dollar and US Treasury yields. The probability of a Fed rate hike in September rose to 83%, and in this context, taking profits and shorting on rallies is more aligned with the current market environment!

On a daily timeframe: The coin price continues to extend downward.
Currently, the KDJ forms a death cross first. The MACD remains above the 0 axis, while the histogram keeps shrinking and buying power is weakening. Visually, the M-top pattern is gradually becoming clearer. During the day, you need to guard against the price’s intention to move toward the 30-day moving average. Overall, in the absence of market-positive news, shorting on rallies better fits the current technical signals!

On the upside: First resistance to watch is around the 66k integer level. Further resistance is around the July 6 high of 67,253!
On the downside: First support to watch is around the 30-day moving average at 62,986. Further support is around the 60k integer level!