7.20 - 7.24 Weekly summary of Bitcoin and Ethereum market performance

Looking back at this week’s BTC 4-hour timeframe trend, it overall shows a pattern of “failed breakout → support breakdown → accelerated pullback.” From Monday to Tuesday, after breaking above 65,000, price was then slowly pushed up to the high of 66,924. On Wednesday, it repeatedly tested the 65,500 support strength. And on Thursday afternoon, a brief upswing with slightly increased volume broke through the 65,500 key support. From that moment onward, the core support range of 65,000-65,500 was lost. On Friday, the price action further accelerated downward, reaching around 63,666.

ETH’s overall trend is similar: it also stalled around the key 1,960 area. The subsequent decline reached a lowest point at 1,846.

Earlier, we kept emphasizing the critical importance of the BTC range 65,500-67,000. This time, although the failure to break higher cannot yet confirm that the move is already over, conditions for a double-top structure around the 67,000 level have already formed. The current market is in a weak recovery phase after being oversold, and the short-term direction still leans bearish. However, there are currently signs of a temporary stop in the downtrend around 64,000, but the rebound strength is weak, and it’s also during the weekend market closure period, so liquidity and volume are lackluster.

Now the key resistance overhead is 65,000, and near-term support is around 63,500. If it loses that again, it will look further down toward below 63,000. At that time, the neckline level in the double-top structure will face the risk of being broken. It’s recommended to first stand by and see which side breaks out with volume first before making a decision. $BTC #布伦特原油重返100美元 $ETH