Cryptocurrency Market Weekly Review: BTC Hits New High, ETH Struggles to Rebound, SOL Faces Pressure, TON Remains in Observation, BNB Weakly Rebounds

Cryptocurrency Market Weekly Review: BTC Hits New High, ETH Struggles to Rebound, SOL Faces Pressure, TON Remains in Observation, BNB Weakly ReboundsBTC Hits All-Time High: After failing to break through $60,000 twice on July 10th and 11th, Bitcoin price experienced a slight pullback on Friday, but quickly rebounded. After the German government emptied 3,000 BTC addresses, BTC broke through the upper channel of the short-term downtrend and returned to the $60,000 mark

Cryptocurrency Market Weekly Review: BTC Hits New High, ETH Struggles to Rebound, SOL Faces Pressure, TON Remains in Observation, BNB Weakly Rebounds

BTC Hits All-Time High: After failing to break through $60,000 twice on July 10th and 11th, Bitcoin price experienced a slight pullback on Friday, but quickly rebounded. After the German government emptied 3,000 BTC addresses, BTC broke through the upper channel of the short-term downtrend and returned to the $60,000 mark. Currently, BTC is at a critical moment for an upward breakout. Whether it can successfully break through the heavy pressure zone of $60,000-$63,000 remains to be seen. However, both technical and news-related aspects are positive. As long as the three addresses of Mt. Gox do not show unusual activity, BTC is expected to continue its upward trend.

Strategy Suggestions:

  • For those holding BTC, you can move your stop-loss to $56,000. If the price retraces, as long as it doesn't break below this support level, there is still potential for further rebound.
  • If BTC falls below $56,000, you should consider exiting the market and observe. Wait for the price to retrace to around $51,000 before re-entering.

ETH Struggle to Rebound: In contrast to the strong performance of BTC, Ethereum has been relatively flat this week. Although ETH previously exhibited resilience, its rebound momentum was significantly weaker after BTC broke through the $60,000 mark. It currently remains within the left-side downtrend channel. Breaking through the $3,300 resistance level is crucial for ETH to form a right-side uptrend. However, without BTC leading the market higher, it remains to be seen whether ETH can break through this resistance level.

 Cryptocurrency Market Weekly Review: BTC Hits New High, ETH Struggles to Rebound, SOL Faces Pressure, TON Remains in Observation, BNB Weakly Rebounds

Strategy Suggestions:

  • For those holding ETH, set your stop-loss at $2,800 and pay attention to the breakout of the $3,300 level.
  • If ETH retraces to around $2,900, it can still be considered an entry point.

SOL Faces Pressure: SOL is currently at the critical point of the upper channel of the left-side downtrend, also showing signs of breaking out to the right-side trend. However, the selling pressure above $145 remains heavy. After its third attempt this week to break through this resistance zone, SOL was blocked at $160.

Strategy Suggestions:

 Cryptocurrency Market Weekly Review: BTC Hits New High, ETH Struggles to Rebound, SOL Faces Pressure, TON Remains in Observation, BNB Weakly Rebounds

  • For those holding SOL, set your stop-loss at $130. Currently, the price is close to the bottom of the box at $120, with a gap of nearly 20%. If it falls below $130, you can wait until it reaches $120 before re-entering.

TON Remains in Observation: TON has been stuck around $7.3 for almost a week, trading within a high-level range, fluctuating between the top of the box at $8 and the bottom at $6. Currently, the trend of TON is difficult to predict, so it is recommended to continue observing.

Strategy Suggestions:

  • Cautiously observe and wait for TON to break through $8 or retrace to around $6 before taking action.

BNB Weakly Rebound: BNB successfully broke through the upper channel of the left-side downtrend on Friday, but it is still in a weak rebound phase.

 Cryptocurrency Market Weekly Review: BTC Hits New High, ETH Struggles to Rebound, SOL Faces Pressure, TON Remains in Observation, BNB Weakly Rebounds

Strategy Suggestions:

  • For those holding BNB, focus on defending your cost price, because once BNB falls below $480, the current technical pattern will change. The large-scale head-and-shoulders top may not be formed, and the probability of a new low will greatly increase.
  • Currently, the short-term pressure is at $550. Once it falls below $480, it may potentially drop to $450.

Conclusion:

The cryptocurrency market this week shows a divergent trend, with BTC performing strongly while ETH, SOL, and BNB have experienced varying degrees of pullbacks. Investors need to exercise caution, choose appropriate investment strategies based on their risk tolerance and market conditions.

 Cryptocurrency Market Weekly Review: BTC Hits New High, ETH Struggles to Rebound, SOL Faces Pressure, TON Remains in Observation, BNB Weakly Rebounds

Key Points to Watch:

  • Whether BTC can successfully break through the heavy pressure zone of $60,000-$63,000.
  • Whether ETH can break through the $3,300 resistance level and form a right-side uptrend.
  • Whether SOL can break through the $145 resistance zone and stabilize above $160.
  • Whether TON can break through $8 or retrace to around $6.

 Cryptocurrency Market Weekly Review: BTC Hits New High, ETH Struggles to Rebound, SOL Faces Pressure, TON Remains in Observation, BNB Weakly Rebounds

  • Whether BNB can continue to rebound and break through the $550 resistance level.

Risk Warning:

The cryptocurrency market is highly volatile. Investment should be cautious. Do not blindly follow the crowd, and do not invest all of your money in the cryptocurrency market.

Disclaimer:

The above content is for reference only and does not constitute investment advice. Please conduct your own risk assessment and make investment decisions based on your own circumstances.

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