Bitcoin entered a consolidation phase starting late July 23, bottoming at $68,230 before gradually recovering. It briefly touched an intraday high of $69,537 and was trading near $69,160 in early Asian hours. Ethereum showed relative resilience, with the $2,000 psychological level remaining intact, bouncing to a high of $2,088 and last trading around $2,037.
Futures liquidation data from the past 24 hours shows total market liquidations shrinking to $297 million, significantly lower than previous days, indicating excessive leverage has been largely cleared. While Middle East oil price uncertainty persists, market expectations on direction are becoming clearer, easing systemic sentiment shocks.
Is $68,230 a Valid Bottom for Bitcoin?
Whether Bitcoin's low of $68,230 constitutes an effective bottom still requires more time to confirm. If follow-through volume fails to materialize and price cannot hold above $69,500, a retest of support near $68,000 is possible. Conversely, a daily close above $69,000 could signal short-term upward momentum.
Ethereum's Key Support at $2,000
Ethereum's performance stands out slightly in this volatile period. The $2,000 psychological level has symbolic importance for market participants, and its defense helps stabilize holder confidence. If Ethereum can sustain the $2,030–$2,050 range in the short term, it may challenge resistance near $2,100. However, renewed weakness in Bitcoin could drag Ethereum back toward $2,000.
BlackRock: Three Catalysts for Precious Metals Bull Market
In traditional assets, Kristy Akullian, Head of Americas iShares Investment Strategy at BlackRock, made a clear call: while gold and silver have entered the mid-cycle of a bull market with elevated volatility, the overall uptrend is not over. She noted that gold and silver volatility has surged 46% and 106% year-to-date, respectively, indicating strong momentum but not without risk.
Akullian highlighted three catalysts: rising government debt globally, which boosts precious metals' appeal as stores of value; geopolitical uncertainty driving safe-haven demand; and for silver, surging industrial demand combined with relatively low liquidity, making it more volatile than gold.
The BlackRock view intersects with the current crypto market structure. Bitcoin's 'digital gold' narrative has strengthened over time. When traditional safe havens like gold gain support from geopolitical risk or inflation expectations, Bitcoin often benefits from similar capital flows.
Overall, the market shows a 'supported but not breakout' pattern. If Middle East tensions escalate or US fiscal data reignites debt concerns, precious metals and Bitcoin could both attract capital. Conversely, if geopolitical risks fade, short-term safe-haven demand may recede, and the crypto market's ability to sustain current levels will be tested by trading volume.