Gate today market analysis: BTC selling pressure dominates, ETH approaches "overbought" indicating a correction.

Bitcoin (BTC) has fallen by approximately 2.10% in the past 24 hours, forming a bearish candlestick pattern, with the lower wick indicating limited buying support at lower levels. Technical Analysis shows that lower highs and lower lows confirm the downtrend, with selling pressure dominating. On July 31, BTC ETF saw an outflow of $114 million, with IBIT inflowing $18.6 million and FBTC outflowing $53.6 million.

Ethereum (ETH) has seen a price fall of about 3.79% in the past 24 hours, with an RSI of 69.8, close to overbought, suggesting a potential short-term correction. The price has formed lower highs and lower lows, reflecting a bearish dominance in the market, with the support level at 3,600 USDT likely to be tested. On July 31, ETH ETF inflows reached $17 million, with BlackRock's ETHA inflowing $18.2 million and Fidelity's FETH inflowing $5.6 million.

Altcoins: In the past 24 hours, altcoins have shown a downward trend. The Fear and Greed Index is currently reported at 65, indicating a decrease in investors' optimism towards the market.

Macroeconomics: On July 31, the S&P 500 index fell by 0.37%, closing at 6,339.39 points; the Dow Jones index fell by 0.74%, closing at 44,130.98 points; the Nasdaq index fell by 0.03%, closing at 21,122.45 points. As of August 1, 11:00 (UTC+8), the spot gold price per ounce is temporarily reported at 3,289 USD, with a 24H decline of 0.03%.