Bitcoin has recovered all of last week's losses and is now just one step away from the $120,000 mark. Ethereum has also seen significant growth, surpassing the $3,900 mark. There is no longer any trace of last week's cryptocurrency market pullback.

According to recent data, aggregate open interest in ETH futures on the CME has reached a new all-time high. This indicates growing interest from institutional investors in Ethereum, which, in turn, suggests a higher level of legitimacy and recognition in the traditional financial world. The previous record was set relatively recently, highlighting the fast-paced nature of the crypto derivatives market. The increase in open interest in ETH futures on CME has several important implications. First, it boosts market liquidity, making it easier for large players to enter and exit positions without significantly affecting price. Second, it allows institutional investors to hedge risks associated with ETH investments. Third, it could lead to further price growth for Ethereum, as futures contracts enable traders to take long positions.

Bitcoin also resumed its upward movement following the release of another White House report on digital assets, which included recommendations to consider establishing a strategic national reserve of cryptocurrencies. The first U.S. White House report on digital assets is expected to be published on July 30.

This initiative is generating positive reactions within the cryptocurrency community, as the creation of a national reserve could strengthen the status of cryptocurrencies as a legitimate asset class and encourage broader adoption. However, some are concerned that it could lead to increased government control and undermine Bitcoin's decentralized nature. Overall, the White House report signals growing U.S. government interest in digital assets and their potential impact on the economy and financial system. The steps taken by authorities in recent weeks will likely play a significant role in shaping the future of the crypto industry.

Regarding the intraday strategy in the cryptocurrency market, I will continue to act by buying any major dips in Bitcoin and Ethereum, anticipating the continuation of the medium-term bull market, which remains intact.

Below are the short-term trading strategies and setups.

Bitcoin

Buy Scenario

Scenario #1: Today I will buy Bitcoin upon reaching the $119,600 entry point, targeting a rise to $120,600. I plan to exit long positions at around $120,600 and sell on the rebound.

Before buying on a breakout, make sure the 50-day moving average is below the current price and that the Awesome Oscillator is in positive territory.

Scenario #2: Buy Bitcoin from the lower boundary at $118,800, provided there is no market reaction to a breakout downward, with targets at $119,600 and $120,600.

Sell Scenario

Scenario #1: Today I will sell Bitcoin upon reaching the $118,800 entry point, targeting a decline to $117,900. Around $117,900, I plan to exit shorts and buy on the rebound.

Before selling on a breakout, ensure that the 50-day moving average is above the current price and the Awesome Oscillator is in negative territory.

Scenario #2: Sell Bitcoin from the upper boundary at $119,600, provided there is no market reaction to a breakout upward, with downside targets at $118,800 and $117,900.

Ethereum

Buy Scenario

Scenario #1: Today I will buy Ethereum upon reaching the $3,948 entry point, targeting a rise to $4,017. Around $4,017, I plan to exit long positions and sell on the rebound.

Before buying on a breakout, make sure the 50-day moving average is below the current price and that the Awesome Oscillator is in positive territory.

Scenario #2: Buy Ethereum from the lower boundary at $3,896, provided there is no market reaction to a breakout downward, with targets at $3,948 and $4,017.

Sell Scenario

Scenario #1: Today I will sell Ethereum upon reaching the $3,896 entry point, targeting a decline to $3,822. Around $3,822, I plan to exit shorts and buy on the rebound.

Before selling on a breakout, ensure that the 50-day moving average is above the current price and the Awesome Oscillator is in negative territory.

Scenario #2: Sell Ethereum from the upper boundary at $3,948, provided there is no market reaction to a breakout upward, with downside targets at $3,896 and $3,822.