The crypto market extended a steady climb early this week, lifting the TOTAL back to $2.17 trillion on July 6.
The rebound began on July 1, the day Fed Chair Kevin Warsh flagged fresh open-mindedness on AI as a force that could cool inflation. That softer read gave buyers a reason to step back in.
1. Softer Fed Tone Pulls Buyers Back In
The bounce has run into a wall near $2.17 trillion, the 0.618 Fibonacci zone. Prices stalled there after climbing off the late-June low near $1.99 trillion. Warsh’s remarks at the ECB Forum, where he still called prices “too high” but flagged AI’s deflationary potential, set the tone.
However, the level is holding as resistance for now. If buyers clear $2.17 trillion, $2.23 trillion and $2.29 trillion open up. If not, the market risks slipping to $2.14 trillion and then $2.10 trillion.
- Key Trigger: Warsh’s July 1 openness on AI disinflation and lower volatility
- Critical Level: 0.618 Fib resistance at $2.17 trillion
- Big Risk: Failure reopens $2.14 trillion, then $2.10 trillion
2. A Rare Miner Signal Hints at a Bottom
Meanwhile, an on-chain gauge is adding to the bullish case. Data shows that the Miner Cycle Stress Composite, a measure of financial pressure on Bitcoin miners, fell to a new 2026 low and entered its “undervalued” range.
Since similar drops appeared near major Bitcoin bottoms in 2015, 2018, 2020, 2022 and 2024, some traders read it as a floor forming. Still, a bottom signal is no guarantee, and stressed miners can also sell coins to cover their costs.
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- Key Signal: Miner stress at new 2026 low, “undervalued”
- Precedent (s): Matched 2015, 2018, 2020, 2022, 2024 bottoms
- Key Risk: Stressed miners may keep selling to cover costs if BTC corrects
Coin Spotlight: Hyperliquid Jumps 4%
Hyperliquid (HYPE) has led the move, rising about 4% on the day, 15.7% over the week and 19.7% over the month. HYPE started climbing on June 25, days before Bitcoin turned, and now trades near $72.00.
But the rally rests on shaky footing, because buying volume has fallen even as price has risen since June 25. The 0.618 Fibonacci level at $73.47 marks strong resistance, and thin volume may cap the advance there. A clean break above $73.47 opens $77.55 and $82.75, while a rejection sends HYPE back toward $70.60 and $67.74.
Bitrue