Macroeconomic headwinds keep building! The crypto market is under pressure across the board—24-hour market recap

⚠️Risk warning: This article is for market information reference only and does not constitute any trading advice. Digital asset prices are highly volatile, trading carries high risk—please manage your positions rationally.

Over the past 24 hours, global risk assets have adjusted across the board, and the crypto market has weakened in sync. Bitcoin (BTC) has oscillated and pulled back from around $66,300, with a low around the $64,600 range. It is currently trading around $65,000, down slightly over the past 24 hours. Ethereum (ETH) has shown greater volatility; it fell back below the $1,900 level, with a larger drop than BTC. Major altcoins such as SOL, XRP, and DOGE generally pulled back. Risk-avoidance sentiment has warmed up, and the Fear & Greed Index has fallen into the Fear zone.

The core driver of market action comes from the macro front. Tensions in the Middle East have pushed up international oil prices. The market worries about an energy-inflation rebound, which further raises expectations that the Federal Reserve will maintain high interest rates, or even restart rate hikes. U.S. Treasury yields and the dollar have strengthened. Both gold and U.S. tech stocks have fallen sharply, causing a broad contraction in risk appetite, and funds are proactively reducing exposure to high-volatility assets like crypto. Google and Tesla earnings have disappointed, and the market fears that continued AI-related capital spending will squeeze corporate profits further, putting additional downward pressure on valuations of growth-oriented risk assets.

There is clear divergence at the capital level. Bitcoin spot ETFs still see intermittent net inflows, providing some support at the bottom. But in the derivatives market, long positions have taken profits and exited, and capital outflows from altcoins have become even more pronounced. The market is showing a pattern of BTC holding up relatively better while altcoins weaken.

Key short-term price levels

BTC
Resistance: $65,800–$66,300;
Support: $64,600, with the $64,000 level as the key defense.

ETH
Resistance: $1,900–$1,940;
Support: $1,850.

Key focus points for the next phase: the Federal Reserve’s interest rate decision on July 29. If the Fed signals a more hawkish stance, risk assets may continue to face adjustments; otherwise, improved liquidity expectations could support a rebound. In the short term, market volatility is rising—leveraged traders must strictly manage risk, don’t blindly try to catch the bottom, and wait for macro direction to become clear. $BTC