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The market is seeing a sharp rise in volatility that could support a shorter-term recovery, but the broader trend remains bearish. After rebounding from June lows, Bitcoin (BTC) is still in a medium-term downtrend, with the latest move appearing more like a relief rally than a confirmed reversal.
A high-volume capitulation move followed BTC’s abrupt breakdown from the $75,000–$78,000 range, with a rapid decline toward the $60,000 area. While the price has recovered, it remains below the downward-sloping 20-day, 50-day, 100-day, and 200-day moving averages, a configuration that indicates a strongly bearish market structure.
The most significant resistance zone is between the 20-day EMA at $67,000 and the 50-day SMA at $74,000. A sustained move above these levels would be needed to suggest buyers are regaining control. Until then, sellers may be inclined to sell into rallies.
On momentum, bullish pressure has not yet been established. However, the RSI has recovered from oversold conditions and is moving closer to the neutral 50 level, suggesting downward momentum has eased.
Support remains centered around the recent low near $60,000. If that level is lost, it would likely trigger another leg lower and expose deeper support zones.
Overall, BTC appears to be in a countertrend bounce within a larger bearish trend. A more optimistic outlook would require recovery of the moving-average cluster.
Solana (SOL) is moving in line with the broader cryptocurrency market. Its price action is described as structurally similar to BTC: after months of lower highs and lower lows, SOL broke down and fell from the upper-$80s into the low-$60s.
SOL has since increased and is now closer to $74, but the recovery is still considered technically risky. The price remains below all major moving averages. The 20-day EMA, located between $74 and $75, is acting as immediate resistance.
Above that, a dense resistance zone is formed by the 50-day SMA at $81 and the 100-day SMA at $85, which may limit further upside.
Coinbase has launched a High Yield USDC vault within its in-app DeFi lending offering, adding a second lending option that provides exposure to a wider range of collateral assets. The product is powered by Morpho infrastructure and uses vault allocations curated by Steakhouse Financial.
