Bitcoin Breaks Heavy Resistance—But Death Cross Looms: Analysis
Wall Street rallied on cooler-than-expected June PPI data, which reduced July Fed hike odds to 12.3% and supported risk assets. The VIX fell to 16.5, and major banks posted strong Q2 earnings, adding to a calm risk-on backdrop. Bitcoin briefly broke above $64K, reaching $65,511 before closing near $64,858, but the move is still fragile. A descending trend channel from May highs remains a key bearish structure, and a 5% drop could restore it. Long-term signals are still bearish, including a death cross, though trend strength is weakening as ADX falls to 23.4 and the directional bias shifts from bearish to bullish. RSI at 55.7 leaves room for upside, and rising momentum suggests a bigger move could follow. If BTC holds $64K, upside targets sit near $66,500–$67,600, with $70K possible. If it fails, support around $62,952–$63,354 and lower levels may come back into play. Prediction markets still favor a drop to $55K over a run to $84K.
