#夏日创作营 July 20 Bitcoin market action is shrouded in gloom!
Crypto market:
1、On July 19, GSR research director posted that crypto spot trading volumes have continued to remain sluggish. Charts show that the 7-day average has fallen to $21.4 billion, down nearly 80% from the peak of $104.3 billion in October 2025.
2、On July 19, according to monitoring, multiple large whales are going long ETH. Two newly created wallets sold 72 BTC (worth $4.66 million), and then established a 20x long position, buying 12,000 ETH at an average price of 1,866.
3、Whale address 0x66f8 continues to go long BTC; it currently holds 1,660 BTC, with an average price of 64,674 and a liquidation price of $63.123k.
4、According to monitoring, an address 0xb83 deposited 3 million USDC to Hyperliquid and increased 796.4 BTC shorts (average price 64,665) and 31.6k ETH shorts (average price 1,873), worth approximately $51.5 million and $59.2 million respectively.
Market:
1、Iran Fars News Agency: A source from the Iranian Islamic Revolutionary Guard Corps Navy said that currently no vessels are passing through the Strait of Hormuz, and any attempt to cross the strait will be met with action by Iran; Iran will not issue passage permits to any vessel.
2、President Trump: Iran cannot have nuclear weapons, and he is completely unconcerned about Iran pausing its obligations under the interim agreement.
3、As stated by Cleveland Fed Chairman Hammack last Sunday, the Federal Reserve needs to raise interest rates to curb inflation.
4、Institutional statistics using NYSE and FINRA data found that the size of U.S. financing margin debt has risen to about 4.5% of GDP, setting a historical record and surpassing all previous peaks before the bursting of the 2000 internet bubble, the 2008 financial crisis, and the market high point in 2021.
Overall, geopolitical tensions in the Middle East within the macro market are rising to a new height, while financial risks are also increasing. Against this backdrop, buy-side actions need to be cautious—shorting on rallies is more suitable!
BTC daily timeframe: After the narrow adjustment over last weekend, the price has further reached balance between longs and shorts in terms of technical indicators. The 5 and 10-day moving averages are sticking; MACD and KDJ are sticking and running! The market at this point is full of variables. During the period when the price rose from $57,000 to the $62,000–$65,000 range, a new wave of supply is flowing into the hands of new buyers. This is a double-edged structure. On the one hand, buyers are actively buying at higher levels, forming a potential cost base that may support further testing of $66,000 and above. On the other hand, most of the buying is concentrated toward the tail end of this local up-move; if the price cannot effectively break above $66,000, there is a risk of forming a local top. The $66,000 level is the key point that distinguishes these two scenarios in the short term. Overall, short-selling operations need to be well-defended; buy-side actions are safer when near support levels!
Upside: Initial resistance to watch is around the 66,000 round-number level; further resistance to watch is around the June 16 high of 67,253!
Downside: Initial support to watch is around the 30-day moving average at 62,601; further support to watch is around the 60,000 round-number level!
Downside: Initial support to watch is around the 30-day moving average at 62,601; further support to watch is around the 60,000 round-number level!
