Gate today's market analysis: BTC long positions structure remains intact, ETH has experienced a significant price pullback.

Bitcoin (BTC) today (24th) is oscillating in a narrow range around 119,000 during the Asian trading session, positioned in the vacuum zone between the upper and middle bands of the 1D Bollinger Bands. However, the overall trend remains biased to the upside. The short-term moving averages are still trending upwards, with the price above the moving average system, indicating that the bullish structure has not been broken. If it can effectively break through 120,500 with higher trade volumes, it will further confirm the upward trend; conversely, if it falls below 118,000, it may trigger a larger-scale consolidation.

ETH fell nearly 7% in a single day, marking the first significant price correction since the strong rally that began at the end of June. Currently, ETH is still in a slow bull consolidation phase, and attention should be paid to changes in trading volume and the situation of breaking previous highs to determine the trend’s continuity.

Altcoins: Mainstream altcoins generally rise, and the market continues a strong trend. The fear and greed index shows that market sentiment remains optimistic but not in extreme exuberance. Short-term structural rotation may continue.

Macro: On July 23, the three major U.S. stock indexes closed higher, with the S&P 500 index rising by 0.78% to 6,358.91 points; the Dow Jones index rose by 1.14% to 45,010.29 points; and the Nasdaq index climbed by 0.61% to 21,020.02 points. As of July 23, 10:00 AM ( UTC+8, the spot gold price is reported at $3,390 per ounce, with a 24H increase of 0.11%.