BitMart Market Daily: BTC Retreats to Around $63,000, Market Awaits Fed Meeting Minutes

Odaily Planet Daily News According to BitMart's market observation on July 8, BTC is currently quoted at approximately $62,838, with an intraday high of about $64,151 and a low of about $62,572; ETH is quoted at approximately $1,624.95; XRP is quoted at approximately $1.059. Overall, major crypto assets saw a slight decline today. BTC fell back from above $64,000 to around $63,000, while ETH remained above the $1,600 level. XRP continued to consolidate narrowly. The market has entered a short-term wait-and-see phase after a sustained recovery.

BTC failed to stably hold above $64,000 today, indicating that upward pressure persists. Short-term capital turned cautious ahead of the release of the Fed meeting minutes. From the derivatives market perspective, the BitMart BTC perpetual funding rate is currently at 0%, a neutral rate. This data indicates a roughly balanced long-short position in the futures market, with no significant overcrowding of long positions evident during the rebound. Combined with BTC spot prices retreating from intraday highs, the current market appears closer to healthy turnover following a recovery, rather than a trend-driven upward attack fueled by high leverage.

BitMart X Insight: Market focus today centers on interest rate and risk asset repricing ahead of the Fed meeting minutes. The US dollar and US Treasury yields strengthened ahead of the minutes' release, with the 10-year US Treasury yield rising to around 4.50%, indicating that the market is still awaiting clearer policy signals. Meanwhile, tech stock futures faced pressure, with the AI and semiconductor sectors experiencing a pullback, cooling risk asset sentiment compared to the previous trading day.

On the other hand, an attack on a vessel near the Strait of Hormuz spurred an oil price rebound, bringing energy price volatility back into the market's view. For the crypto market, rising interest rates, pressure on tech stocks, and the oil price rebound collectively dampened short-term risk appetite. This forms the crucial backdrop for BTC's retreat from above $64,000 today. However, BitMart's funding rate remains neutral, indicating no significant overcrowding in the futures market, and the market decline is more reflected as risk control ahead of macro events. In the short term, if BTC can hold the $62,000–$63,000 range, ETH and XRP may still have opportunities to maintain a low-level repair. If the Fed minutes reinforce tightening expectations, major assets could potentially return to range-bound trading.

Investors are advised to continue monitoring BTC's support and absorption dynamics within the $62,000–$63,000 range, and whether ETH can stably operate above $1,600. This article is for reference only and does not constitute any investment advice. The crypto market is highly volatile and carries significant risk. Please make rational decisions and manage your own risk.