Discussions in the House Committee on Rules opened with crypto bills, but quickly shifted to the Department of Defense Appropriations Act.

Congress opens crypto bill debate with claims of ‘GOP giveaway’ to industry

Ethereum price started a fresh increase above the $3,000 zone. ETH is now 
consolidating gains and might correct lower toward the $2,900 zone. Ethereum 
started a fresh increase above the $3,000 level. The price is trading near 
$2,940 and the 100-hourly Simple Moving Average. There was a break below a key 
bullish trend line with support at $2,980 on the hourly chart of ETH/USD (data 
feed via Kraken). The pair could start a fresh increase if it remains 
supported above the $2,900 zone in the near term. Ethereum Price Rallies Above 
$3,000 Ethereum price started a fresh increase above the $2,800 zone, like 
Bitcoin. ETH price gained pace for a move above the $2,880 resistance zone and 
entered a positive zone. The bulls even pumped the price above $2,920. 
Finally, it tested the $3,080 zone. A high was formed at $3,081 and the price 
is now consolidating gains. There was a move below the 50% Fib retracement 
level of the upward move from the $2,905 swing low to the $3,081 high. 
Besides, there was a break below a key bullish trend line with support at 
$2,980 on the hourly chart of ETH/USD. Ethereum price is now trading near 
$2,940 and the 100-hourly Simple Moving Average. On the upside, the price 
could face resistance near the $2,980 level. The next key resistance is near 
the $3,000 level. The first major resistance is near the $3,040 level. A clear 
move above the $3,040 resistance might send the price toward the $3,080 
resistance. An upside break above the $3,080 resistance might call for more 
gains in the coming sessions. In the stated case, Ether could rise toward the 
$3,200 resistance zone or even $3,220 in the near term. Are Downsides 
Supported In ETH? If Ethereum fails to clear the $3,000 resistance, it could 
start a downside correction. Initial support on the downside is near the 
$2,940 level and the 76.4% Fib retracement level of the upward move from the 
$2,905 swing low to the $3,081 high. The first major support sits near the 
$2,900 zone. A clear move below the $2,900 support might push the price toward 
the $2,800 support. Any more losses might send the price toward the $2,720 
support level in the near term. The next key support sits at $2,650. Technical 
Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the 
bearish zone. Hourly RSI &#8211; The RSI for ETH/USD is now below the 50 zone. Major 
Support Level – $2,900 Major Resistance Level – $3,000

Ethereum Price Fails to Hold Momentum Above $3K — Correction Ahead?

Hungary has updated its Criminal Code, imposing potential prison sentences for 
those using or running unauthorized crypto exchanges.

Unauthorized crypto trading now carries 2 years of prison in Hungary

Bitcoin (BTC) surged to a new all-time high (ATH) of $123,218 earlier today, 
pushing its market cap beyond $2.4 trillion. However, exchange data shows a 
sharp increase in BTC inflows following this milestone, raising concerns of a 
potential short-term correction. Bitcoin Exchange Inflows Warn Of Pullback 
According to a CryptoQuant Quicktake post by contributor Tarekonchain, BTC is 
beginning to show signs of short-term cooling. Notably, exchange inflows 
recorded a sharp uptick right after Bitcoin hit its fresh ATH. Related 
Reading: Bitcoin Rally Ahead? DXY Breakdown Suggests Capital Shift To Risk-On 
Assets The following chart shared by the analyst highlights exchange netflows 
to spot platforms, with notable spikes in inflows to centralized exchanges. 
This typically indicates profit-taking behavior by short-term holders and some 
whales. Tarekonchain noted that such on-chain activity is usually indicative 
of a local top that could lead to a healthy price correction or consolidation 
in the coming days. They added: It&#8217;s a classic pattern we&#8217;ve seen after 
previous parabolic rallies &#8211; profits are realized, weak hands exit, and price 
finds a new base. That said, the analyst noted that despite the warning signs 
of a looming price correction, the overall market structure remains largely 
bullish. For instance, long-term holders are still holding their BTC, not keen 
on selling at current price levels. Supporting the bullish thesis, spot 
Bitcoin exchange-traded funds (ETFs) continue to attract strong capital. For 
the week ending July 11, they saw $2.72 billion in net inflows &#8211; a clear sign 
of ongoing institutional interest. Whales Preparing To Sell? In a separate 
post, CryptoQuant contributor Crazzyblockk pointed to an uptick in whale 
activity on Binance. The Binance Whale Activity Score shows that deposits from 
large wallets have spiked dramatically. Related Reading: Bitcoin Uptrend 
Intact, But Binance Activity Warns Of Short-Term Pullback Whales reportedly 
deposited as much as 1,800 BTC to Binance in a single day, with more than 35% 
of transactions valued at over $1 million, hinting at strategic positioning 
ahead of expected volatility. Crazzyblockk highlighted two possible scenarios 
following the surge in deposits from large-scale investors. First, it is 
likely that these investors are sitting on healthy profits and may be getting 
ready to secure some gains after a historic run. Alternatively, they might be 
aiming to leverage Binance’s deep liquidity to hedge or open new positions as 
the market experiences heightened volatility. Either way, this sell-side 
pressure on Binance is likely to weigh on BTC’s bullish momentum. Despite 
rising inflows and increased whale activity, market sentiment remains broadly 
positive. Retail investor participation is still muted compared to previous 
bull runs, suggesting the current rally might still have room to grow. At 
press time, BTC trades at $119,449, up 0.8% in the past 24 hours. Featured 
image from Unsplash, charts from CryptoQuant and TradingView.com

Bitcoin Exchange Inflows Spike After $123,000 Peak – Signs Of Short-Term Cooling?

Bitcoin’s record-breaking rally is under fire as influential economists slam 
BTC treasury strategies, warning investors of fundamental worthlessness and 
likening current enthusiasm to blind speculation. Steve Hanke Doubles Down: 
Bitcoin Treasuries Have ‘No Fundamental Value’ A sharp critique of crypto 
treasury strategies is casting a shadow over bitcoin’s record surge, igniting 
fresh skepticism from influential […]

Economist Steve Hanke Torches Bitcoin Strategy With Brutal ‘No Value’ Verdict

Bitcoin price started a fresh increase above the $118,500 zone. BTC traded to 
a new high above $120,000 and recently started a downside correction. Bitcoin 
started a fresh increase above the $120,000 zone. The price is trading near 
$118,500 and the 100 hourly Simple moving average. There was a break below a 
bullish trend line with support at $119,800 on the hourly chart of the BTC/USD 
pair (data feed from Kraken). The pair might start another increase if it 
clears the $120,500 resistance zone. Bitcoin Price Sets New ATH Bitcoin price 
started a fresh increase after it cleared the $116,500 resistance zone. BTC 
gained pace for a move above the $118,000 and $120,000 resistance. The bulls 
even pumped the pair above the $122,000 resistance zone. A new all-time high 
was formed at $123,140 and the price is now consolidating gains. There was a 
move below the 23.6% Fib retracement level of the upward move from the 
$108,636 swing low to the $123,140 high. Besides, there was a break below a 
bullish trend line with support at $119,800 on the hourly chart of the BTC/USD 
pair. Bitcoin is now trading near $118,500 and the 100 hourly Simple moving 
average. Immediate resistance on the upside is near the $119,550 level. The 
first key resistance is near the $120,500 level. The next resistance could be 
$122,000. A close above the $122,000 resistance might send the price further 
higher. In the stated case, the price could rise and test the $123,200 
resistance level. Any more gains might send the price toward the $125,000 
level. The main target could be $130,000. Downside Correction In BTC? If 
Bitcoin fails to rise above the $120,500 resistance zone, it could start a 
downside correction. Immediate support is near the $117,500 level. The first 
major support is near the $115,800 level or the 50% Fib retracement level of 
the upward move from the $108,636 swing low to the $123,140 high. The next 
support is now near the $114,000 zone. Any more losses might send the price 
toward the $112,500 support in the near term. The main support sits at 
$110,500, below which BTC might continue to move down. Technical indicators: 
Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI 
(Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. 
Major Support Levels – $117,500, followed by $115,800. Major Resistance Levels 
– $120,500 and $122,000.