출처: Block Media
Mixed Start for Digital Asset Market Amid Key Global Developments
The cryptocurrency market kicked off the week with mixed signals as major coins showcased varied performances amid pivotal global events. Bitcoin (BTC) maintained its bullish trajectory, trading steadily around $119,000, while Solana (SOL) emerged as the frontrunner with a 5% surge. The New York digital asset market reflected this dichotomy, influenced by factors such as Big Tech earnings reports, former President Donald Trump's tariff deadline, potential Bitcoin liquidation by the U.K. government, and Federal Reserve Chair Jerome Powell’s anticipated remarks.
Bitcoin Maintains Upward Momentum with Bullish Indicators
As of July 22, Bitcoin continued its upward trend, trading at $119,384—up by 0.97% within the last 24 hours. The cryptocurrency’s market capitalization now stands at approximately $2.375 trillion, supported by robust trading activity worth $76 billion over the past day. BTC’s recent rebound from its $98,000 low has solidified a support zone between $116,000 and $117,000, with buyers pouring in at the $119,000-$120,000 range.
Technically, Bitcoin exhibits promising signals driven by increased activity and upward-sloping short-term moving averages. Market analysts highlight that breaching the key resistance level of $119,500 could catapult Bitcoin toward $123,000. However, caution persists as the Relative Strength Index (RSI), at 67, approaches "overbought" territory. Meanwhile, the Moving Average Convergence Divergence (MACD) hints at a potential sell signal, suggesting a short-term correction could be on the horizon.
Ethereum Feels Pressure Amid Whale Activity
Ethereum (ETH), the second-largest cryptocurrency, failed to mirror Bitcoin’s momentum, declining 2.84% to settle at $3,704. Recent activity by a significant Ethereum whale saw 8,000 ETH sold for $9.87 million, triggering a wave of profit-taking across the market. Despite this dip, the whale retains a substantial ETH holding, signaling strong long-term market confidence.
However, technical indicators tell a more cautious story. Ethereum’s RSI has soared to 78—deep into overbought territory—raising the likelihood of a near-term correction. With selling pressure mounting and momentum cooling, traders are advised to remain vigilant.
Solana Shines as Altcoin Leader Amid Mixed Signals from Dogecoin and Cardano
In the altcoin sector, Solana (SOL) emerged as the top performer, rallying by 5.61% to reach $202.37. Its impressive climb can be attributed to ecosystem recovery, an uptick in Total Value Locked (TVL), the expansion of its decentralized apps (dApps), and increasing capital inflows. Ripple’s XRP also enjoyed strong weekly gains of 21.37%, while Binance Coin (BNB) rose by 12.29%.
However, not all altcoins shared SOL’s glow. Dogecoin (DOGE) slid 2.82%, while Cardano (ADA) saw a deeper decline of 4.86%, reflecting weaker investor sentiment in these projects. This underscored the uneven performance typical in the altcoin market, where investor preferences often hinge on development updates and ecosystem health.
U.K.’s Potential Bitcoin Sale Sparks Market Anxiety
Reports of an impending large-scale Bitcoin sale by the U.K. government sent ripples through the market. Authorities plan to liquidate approximately 61,000 BTC—worth $7.2 billion—confiscated during a 2018 fraud case involving a Chinese investment scam. If authorized, this significant liquidation aimed at generating state revenue could exert downward pressure on Bitcoin prices in the near term, analysts warn.
Broader Cryptocurrency Market Trends
The total market capitalization of cryptocurrencies dipped slightly to $3.94 trillion, reflecting cautious sentiment across the sector. The Fear & Greed Index, however, remained at 67, continuing to signal "Greed," as traders exhibit optimism across select assets. Meanwhile, the Altcoin Season Index stands at 46, reaffirming Bitcoin's dominance in driving overall market trends.
Wall Street Futures Exhibit Caution Amid Investor Uncertainty
Wall Street echoed the crypto market’s mixed trends, with U.S. stock futures displaying cautious sentiment ahead of the market open. The Nasdaq 100 futures dropped 0.3%, S&P 500 futures slid by 0.1%, while Dow Jones futures edged slightly higher. Investors are closely eyeing earnings from Coca-Cola (KO) and General Motors (GM), the upcoming August 1 tariff deadline, and Powell’s remarks later in the day.
Despite Powell's "blackout" period, analysts anticipate potential updates on financial system regulations, which could affect both equity and crypto markets. “Earnings reports have been generally positive, but uncertainties around tariffs, the U.K.'s Bitcoin sale, and elevated valuations of Big Tech stocks are driving a cautious stance among investors,” noted one market expert. “Bitcoin’s ability to surpass the $119,500 resistance level will be a key determinant for its short-term outlook.”
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