On July 18, the cryptocurrency market surged collectively, and many were still immersed in the joy of the market's rise, but suddenly on July 19, the market turned down.

Data shows that Bitcoin has fallen from a high of $116,788, and as of the time of writing, the BTC price is fluctuating around $118,268, with a decline of about 2% in the past 24 hours.

Besides Bitcoin, the vast majority of crypto assets are also declining synchronously:

Ethereum: decline of 1.74%

XRP: down 2.77%

SUI: down 7.78%

BNB: down 1.50%

However, there are a few bright projects that are rising against the trend, such as Dogecoin (DOGE), which rose 5.22% in the past 24 hours, and among the top gainers, $C surged 107.19%, and EPIC rose 43.12%, showing particularly strong performance.

Meanwhile, in the past day, 167,661 investors globally were liquidated, with a total liquidation amount reaching $566 million, showing that the impact of this round of volatility should not be underestimated.

$BTC: The decline has not changed the trend, and bulls still have the opportunity to push higher.

Despite the price drop, the overall trend of Bitcoin remains a healthy correction.

$116,800 is the first support level, currently still effectively held.

The upper pressure zone is located at $120,500, which is a key observation point for the short term.

If it pulls back again, $113,000 is the short-term defensive bottom line; if it holds, then the medium-term outlook remains bullish.

The upper target is still set around $132,000.

Operation suggestion:

For those with light positions, $116,800 can be used as a stop-loss reference point. If it stabilizes at $120,500, then patiently wait for a rise.

Those with heavy positions need to closely monitor the market, as long as 11.3 holds, they can continue to hold and adjust positions flexibly.

$ETH: currently testing support, and after a pullback, it is expected to restart the upward trend.

Ethereum has also seen a pullback, weakening from the $3580 to $3680 range yesterday, currently touching the key support of $3460.

If $3460 is lost, the lower support levels at $3380 and $3320 will be tested sequentially.

If it re-establishes above $3615 during the day, it will reopen the upward channel and challenge new highs.

ETH trading strategy recommendation:

For those already holding, this can be seen as a pullback opportunity to buy in batches.

In the short term, bearish attention should be paid to whether 3460 breaks; conservative investors can wait for stabilization before considering increasing positions.

Altcoin observation: Opportunity window under widespread decline.

Last night, most altcoins generally pulled back 5% to 7%, but compared to the previous deep corrections of 15% to 20%, this round of volatility seems more like a washout-style pullback.

For conservative investors, this type of 'volume reduction pullback' is often a good opportunity to buy the dip, especially with mainstream coins or fundamentally solid altcoins.

Macroeconomic policy signal: The stablecoin bill has been implemented, and liquidity is now the main theme.

On the major news front, the stablecoin regulatory bill officially signed by Trump has finally been implemented, which will become a key driver for the bullish market rhythm in the second half of the year.

The logic behind this is very clear:

Traditional internet giants are rushing into the stablecoin field—JD.com's entry is just the beginning, with Tencent, Alibaba, Meituan, ByteDance, and others likely to follow.

Internet business growth is stagnating, with Web3 and AI being the only two remaining growth curves, while Web3's business model is clear and has a low barrier to entry, making it more suitable for capital operation.

The total volume of stablecoins is expected to experience an 'explosive expansion' in the second half of the year, with liquidity becoming a trend that cannot be ignored.

The flow of funds behind stablecoins: DeFi will become a new hot spot.

These newly generated massive stablecoin funds will not just stay in wallets; they will eventually flow into the market.

Funds are expected to flow into two main directions:

Conservative DeFi yield sectors: such as various on-chain financial products, risk-free/low-risk staking and lending protocols;

High-risk investment areas: with early projects, Layer 2, AI Meme, and public chain ecosystems as the top choices.

Where the water flows, it will definitely get wet.

When stablecoin funds flood into the on-chain, those projects that are 'waiting for the wind' will surely rise first.