Bitcoin has spent most of July going nowhere, and the broader crypto market is beginning to reflect that lack of direction.
Market Intern is currently identifying a mixed market, with neither long nor short opportunities clearly dominating. That matches what Craig is seeing on the charts. Bitcoin remains pinned near $65,000, trading without the momentum or clean cyclicity that would normally support a stronger continuation higher.
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Bitcoin Cannot Break Away From $65,000
Bitcoin has repeatedly moved slightly above and below the $65,000 level without establishing a convincing trend.
The previous pullback into that area initially looked constructive. Bitcoin was still operating within an uptrend, the higher-timeframe cycles were aligned, and the level appeared capable of supporting another move higher.
That follow-through never arrived.
Instead, Bitcoin fell back and then recovered through a much less orderly move. The current structure lacks the smooth progression of higher highs and higher lows Craig looks for when evaluating a strong trend.
On the daily chart, Bitcoin has spent approximately three weeks making almost no progress. The market reached the top of its latest recovery around July 6, and by July 27 it was only marginally higher.
Twenty-one days of sideways movement is not evidence of a strong market.
Weekly Chart Raises the Risk of Another Move Lower
The weekly chart is where Craig sees the greater concern.
Bitcoin has pulled back into the moving-average area he calls the cradle zone while remaining within a broader downtrend. Over the past three weeks, Bitcoin has gained only around 2.5%.
Rather than demonstrating strength, the market may be slowly forming a lower high before another leg down.
Craig is therefore remaining cautious. He would become more aggressive on the short side if Bitcoin rolls over and breaks beneath the recent low.
The bullish alternative is straightforward. Bitcoin could break higher, establish a higher high, and then produce a higher low. That would restore momentum and create cleaner opportunities for long trades.
At the moment, however, that confirmation does not exist.
Falling Volume Is Forcing Exchanges Out
The lack of trading activity is also showing up across crypto exchanges.
BitMEX, AscendEX, BitMart, and other platforms have reportedly announced or begun shutdowns as trading volume continues to dry up.
Unlike earlier exchange collapses, where platforms failed while holding customer funds, these closures appear to be more orderly. The underlying problem is that exchange businesses depend heavily on transaction volume.
When traders leave, revenue disappears.
Craig described many exchanges as extraction businesses resembling casinos. When there are no longer enough active gamblers, the casino cannot continue operating.
The shutdowns are therefore another signal that participation and market activity remain unusually weak.
A Fast Drop Could Create Better Opportunities
Craig believes a sharp move lower could ultimately improve market conditions.
A quick decline toward approximately $50,000 would clear out weak positions, create stronger volatility, and potentially offer a much more attractive level for accumulating Bitcoin.
Until the market produces a decisive move, his approach is to trade only the trends that are clearly available rather than forcing positions in a stagnant market.
NEAR Presents the Best Short Setup
The strongest setup currently identified through Market Intern is NEAR.
NEAR is pulling back toward an old support level around $1.85, which may now act as resistance. The market is also trading inside the cradle zone with a small bearish candle and converging technical conditions.
Should that candle close with the same structure, Craig sees it as a credible short opportunity.
The setup offers several features he wants to see:
A clearly defined historical level
A broader downtrend
A pullback into the cradle zone
Bearish price action at resistance
Convergence supporting continuation lower
This is the type of structured opportunity that stands out while most of the market remains mixed.
Craig’s Trading Position
Craig is currently completely flat.
His monthly performance stands at:
15 trades
7 wins
7 losses
1 break-even trade
With so few quality trends available, there is little reason to increase activity simply for the sake of trading.
Bitcoin remains the primary market to watch. What Craig does next will depend on whether Bitcoin breaks higher with genuine momentum or rolls over and resumes the broader downtrend.
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Happy Hodling, Everyone.
