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Overnight, US stocks opened high and rose, and the three major indexes collectively rose. The Dow rose 1.64%, accumulated a rise of 0.75% this week, and recorded four consecutive weekly rises; the S&P 500 rose 1.11%, accumulated a fall of 0.85% this week; and the Nasdaq rose 1.03%, accumulated a fall of 2.08% this week. The Nasdaq and the S&P 500 have both fallen for two consecutive weeks. Most of the large tech stocks rose, with Meta rising more than 2%, Microsoft and Amazon rising more than 1%, and Apple, Nvidia, and Intel rising slightly; TSL, Google, and Netflix all fell slightly. 3M rose by about 23%, the largest single-day rise since at least 1980. On Friday, investors welcomed the PCE inflation index, which is the most favored by the Federal Reserve. It showed that US inflation rose moderately in June and consumers remained stable, which may help the Federal Reserve increase confidence that inflation is moving towards the target of 2%. In addition, after the news of Mt.Gox dumping and Grayscale ETH Fund releasing ETH, the encryption market fluctuated upward, and BTC and ETH both rose to varying degrees.

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Recently, Mt. Gox, the German government, and Grayscale Investment have all been selling BTC and ETH, especially during the big dump in early July. In theory, these sell-offs should lead to a big dump in the market, but in fact, the market has risen. This is thanks to the continued buying by institutions such as BlackRock, who are selling on one hand and buying on the other, ultimately driving the price up. This indicates that there is a certain amount of game-playing between institutions, and can also be understood as them being both partners and opponents at different stages, which is an inevitable phenomenon in the financial market. Last night's fall does not mean that the market has come to an end, but rather shows that large funds are employing a Whipsaw technique, washing out contracts and weak-willed speculators.

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BTC's price took a nosedive on Thursday, and the fluctuation was quite intense, first plummeting from around 66000 to 63300, and forming a continuous decline in the daily candlestick. Subsequently, the price rapidly rose again, returning to test the high point of 68500 near 68000. From the current trend, the trend still maintains a strong corrective phase, with short-term chart indicators pointing upwards. Coupled with the weekend market, the pump is not very sustainable, and the focus of the cycle also needs to follow the distribution of various channels in the process, which can effectively deduce where the next key support or resistance might be. Today, it is worth noting the support at 67200, followed by the position of 65500, and following the upper track resistance at 68500 intraday. Transitioning through box consolidation to digest the downward momentum. Therefore, it is recommended to operate within the 68500-67200 box range today!

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Ethereum's Rebound is still weaker than BTC. The listing of ETF did not bring an amazing market, but instead the trend is weaker than BTC. The fall is large, but the Rebound is not strong enough, which is also expected. From a technical perspective, the trend changed from long to short in a day, and now it has come from short to near the longshort trend exchange point. The trend line top bottom near the resistance level around 3300, EMA trend indicator is also under pressure at this level, MACD volume has decreased after the increase, DIF and DEA formed a death cross near the 0 axis, KDJ is taking a nosedive downwards, the daily K-line fell below the middle track 3290 and is now pulling back near the middle track. The area around 3280 is the current short-term resistance. If it breaks through and stabilizes this resistance, then the upper reference should be the resistance around 3180, which was the bottom top conversion of the previous box, otherwise it will test the support around 3180 again.