Bitcoin’s recent stability hasn't been enough to spark a broader altcoin rally

Bitcoin’s recent stability hasn't been enough to spark a broader altcoin rally

Your day-ahead look for July 28, 2026

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While bitcoin BTC$63,399.37 and ether (ETH) are under pressure, their prices remain above their respective 50-day averages, a bullish sign. The broader market isn’t so lucky.

The 50-day simple moving average (SMA) is widely tracked as a near-term trend gauge. Price breaks above that level are taken as a sign that bullish momentum is building. Right now, only 29 of the top 100 coins, including the two largest, are trading above their respective 50-day averages. So the breadth remains decisively bearish.

It looks even worse when compared with the Nasdaq 100 breadth. As of Monday, 47 stocks from the index traded above their 50-day SMAs.

This shows that the stability seen since the BTC selloff stalled below $58,000 on June 1 has yet to spill over into the wider crypto market. But there is hope. Ether, the bellwether of altcoins, has recently outperformed bitcoin, raising hopes that soon other coins could catch a strong bid.

A lot depends on the Fed’s interest-rate decision due Wednesday and the cues (if any, given Chair Kevin Warsh’s reticence to provide forward guidance) about the interest-rate trajectory.

“With a September hike now fully priced in by futures, we think that the bar for a hawkish surprise that meaningfully boosts the dollar is high,” said Matthew Ryan, head of market strategy at global financial services firm Ebury.

It also means the bar for a hawkish surprise that could drive BTC lower is high. BTC and the Dollar Index (DXY) are inversely correlated. Analysts at Marex said the U.S. core PCE inflation and GDP data due later this week could also breed volatility, especially now the Clarity Act progress has been delayed.

“The one crypto-specific prop just fell away, the Senate shelved the CLARITY Act to prioritize a Russia sanctions bill, so a vote is unlikely before the final days ahead of the August recess. The catalyst meant to unlock institutional buying is parked,” they said in an email. Stay alert!

Read more: For analysis of today's activity in altcoins and derivatives, see Crypto Markets Today . For a comprehensive list of events this week, see CoinDesk's "Crypto Week Ahead."

What’s trending

U.S. Senate puts off crypto Clarity Act for now as it focuses limited bandwidth elsewhere (CoinDesk): The U.S. Senate shelved the crypto Digital Asset Market Clarity Act for the moment to prioritize bills on Russian sanctions and federal nominations. Inside the CME and CFTC’s battle over onchain perpetual futures (CoinDesk): CME Group sued the ​Commodity Futures Trading Commission last month, challenging its decision to let ‌Kalshi and Coinbase list crypto perps. They now await a key federal court ruling that could influence how the U.S. approaches this rapidly growing sector. Oil touches over one-week low as pause in attacks brings hope of U.S. and Iran deal (Reuters): Oil prices extended losses on Tuesday, hitting their lowest levels in more than a week, as expectations of a resolution to the U.S.-Iran conflict grew. Brent crude futures dropped to $85.83 and West Texas Intermediate crude to $80.63 World shares are mixed, while South Korea’s Kospi sinks nearly 11% on heavy selling of chipmakers (AP): South Korea’s Kospi index plunged nearly 11% on heavy selling of computer-chip makers’ stocks that have been battered recently by waves of fears that the boom in AI may turn out to be a bubble. European shares rose and U.S. equity futures were mixed.

Today’s signal

The MOVE Index, the equivalent of the VIX for bonds, represents implied or expected volatility over four weeks and is derived from 30-day options on U.S. Treasury securities.

The index recently jumped to 77 points from 65 points. A continued rise could pose a headwind for risk assets.

That’s because U.S. Treasury notes underpin global finance and increased volatility in these markets often causes financial tightening, disincentivizing risk-taking.

1Apple kept fake bitcoin wallet on App Store after $875,000 theft report, lawsuit alleges1 min. ago 2Bitcoin drops as South Korean stocks tumble, Senate shelves crypto Clarity Act50 minutes ago 31inch opens Aqua liquidity protocol across 13 chains1 hour ago 4Perpetuals tied to SK Hynix hit by flash crash to $900 on Hyperliquid1 hour ago 5BitMEX and BitMart may be first casualties of crypto trading slump2 hours ago 6Inside the CME and CFTC’s battle over onchain perpetual futures 4 hours ago 7Hong Kong’s central bank puts a number on lenders' quantum preparedness. It's very low.4 hours ago 8Live updates: Bitcoin's next move hinges on breakeven wall at $68,500; Nasdaq futures wilt4 hours ago 9Bitcoin slides 2% after U.S. close while Korea’s Kospi plunges 10%7 hours ago 10U.S. Senate puts off crypto Clarity Act for now as it focuses limited bandwidth elsewhere12 hours ago

Crypto Flows, Share and the Selective Rotation

Crypto Flows, Share and the Selective Rotation

Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.

Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.

Why it matters:

Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.

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Apple kept fake bitcoin wallet on App Store after $875,000 theft report, lawsuit alleges

Bitcoin drops as South Korean stocks tumble, Senate shelves crypto Clarity Act

1inch opens Aqua liquidity protocol across 13 chains