Bitcoin Is Bouncing: Here’s the Bull and Bear Case for Its Next Move
Bitcoin rebounded to about $66.3K after testing lows near $58K, with the 200-day EMA holding as support. That improves near-term chart sentiment, but the broader structure remains bearish: the 50-day EMA is still below the 200-day EMA, keeping the death cross in place. Momentum is weak, with ADX at 19.5 indicating no strong trend, while RSI near 60 shows some bullish room without being overextended. Macro signals are mixed. U.S. stocks were soft ahead of major tech earnings, and crypto sentiment remains cautious. A positive catalyst is the Clarity Act, which Treasury Secretary Scott Bessent says is close to passage and could bring clearer crypto regulation. But institutional demand looks weak, as the Coinbase Premium Index has been negative since May, suggesting risk aversion. Prediction markets also lean cautious, with traders seeing limited odds of a quick break above $68K.
