Today, there were no particularly sudden positive or negative news in the market, still revolving around the old topics of 'tariff expectations' and 'criticizing Powell' being repeatedly speculated.

However, the market changes are becoming more intense, and the frequent pin bar movements behind indicate that the short-term long and short positions are rapidly diverging, with the market entering a stage of 'impulse + game'.

In the past 24 hours, a total of 113,239 traders globally have been liquidated, with a total liquidation amount of $301 million, of which:

Long positions liquidation: $166 million

Short positions liquidation: $135 million

Both bulls and bears are in fierce combat, and the market has entered an important watershed.

[BTC] the pullback has not yet stopped, and the 117000 support level may be tested.

From the 4-hour chart structure, Bitcoin is still under pressure from the upper boundary, with short-term further pullback pressure.

The key position of $118400 has become the focus of attack and defense, but today's intraday price has already fallen below this level, with a weak trend.

It is expected that the lower level will test the support range of 117000-117200, and there may be rebound opportunities during the process (e.g., after touching 117800-118000, a rebound), but overall it still leans towards bearish oscillation, and after the rebound ends, it may fall again.

Strategy suggestion:

Those holding short positions near 120100 can continue to hold, targeting the 117000 area.

Upper pressure: 120000 / 121000 (can be considered as a short selling area)

Lower support: 117000 / 116500 / 115000 (can be gradually positioned for low buy)

[ETH] is still in the pullback channel, focus on whether 3500 constitutes an ABC two-stage pullback.

Ethereum's current pullback rhythm has not yet ended, with strong liquidity in the 3500 area, expected to become a typical 'two-stage ABC adjustment' target point, while washing out short-term chase long positions.

The downtrend has not yet fully formed; only if the price breaks below the 3650 area will the possibility of a trend reversal be considered.

Short-term support focus:

First support: 3600

Short-term low buy range: 3636 - 3616

Consolidation range: 3850 - 3600 (not recommended to chase highs and sell lows, mainly focus on low buy positions)

[BNB] has reached a historical high, with ecological catalysts + platform strategies possibly being key drivers.

Today, BNB broke the historical high, reaching a maximum of $804.7. Behind this strong upward movement, the market has begun to bet on Binance Labs or CZ's 'micro-strategy type increase'.

It is reported that some institutions have recently received invitations for new investments in the Binance ecosystem, but the specific shell has not yet been disclosed, and confidentiality has been very well done;

In addition, the coin-stock issuance platform is about to go live, which may also become a key empowerment on the BNB chain.

BNB's outburst once again verifies the logic that 'platform coins = bull market golden shovel'.

[PUMP] The ten-day frenzy has turned cold, and breaking the offering price has become a reality.

On July 22, the meme coin PUMP's price officially fell below its public offering price ($0.004), currently reported at $0.003693, with enthusiasm cooling rapidly.

This shift from 'peak to freeze' took less than 10 days, reminding us once again: coins driven by emotions rise quickly but cool off even faster.

[ETF Good News] The SEC has officially approved the Bitwise crypto index fund to convert into an ETF.

Breaking news: The SEC has approved the Bitwise 10 crypto index fund to convert into an ETF!

The index covers core assets such as BTC, ETH, XRP, SOL, ADA, SUI, LINK, AVAX, LTC, DOT, indicating that regulators are gradually loosening the financialization path for 'crypto blue-chip assets'.

Continue to pay attention to the progress of ETH ETF, especially its 'staking version' approval. Once implemented, it will initiate comprehensive betting on the ETH chain and L2 sectors.

The market is in a 'hesitant upward phase', with the bull market rhythm still in place.

We are experiencing a typical 'second-stage market':

The market always builds a bottom in despair, rises in hesitation, and peaks in madness.

We are currently in the 'hesitant upward' phase:

Shorts are frequently trying to reach the top, but continuously failing;

Onlookers are hesitating and reluctant to enter the market;

Bulls are worried about adjustments, afraid of being trapped, and unable to hold positions;

In other words, the main force's repeated washing of the market is to shake off the indecisive.

August may usher in a full explosion of altcoin markets!

The altcoin market is currently in the brewing stage:

The SEC has extended the approval for ETH ETF's 'in-kind redemption' until August. Referring to the previous BTC ETF delay, which surged 9% within a week, the ETH chain ecological sector is expected to start early;

BlackRock's ETH staking ETF proposal is also about to enter the feedback stage;

Trump's injection of TGA + the removal of the US debt ceiling + the expectation of interest rate cuts will trigger expectations of comprehensive easing in August and September;

After the 'Great Beautiful Act' is implemented, the dollar credit will loosen, and the risk appetite for funds will rise;

If BTC can stabilize in the 115000-120000 range, mainstream altcoins will rotate in succession, entering a real main rising wave phase!

Short-term market volatility does not indicate the end of a trend, but is a normal representation of long and short games.

Grasp the rhythm and nodes well, and execute steadily according to the strategy; this wave of the market is still worth looking forward to.