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Bitcoin clears $64K resistance as death cross signal persists
BTC was trading flat around $64,858 after breaking above $64K, while traders on a prediction market assign 66.6% odds of a drop to $55K before a move back toward $84K.
Bitcoin broke above the $64K resistance level Tuesday and was trading flat around $64,858, after tagging a daily high of $65,511, according to Decrypt. The move lifts BTC only marginally out of a descending trend channel formed since the May highs near $82,000, leaving the broader technical picture still bearish.
The analysis cites a looming death cross, describing conditions where the average price of the last 50 days sits below the average price of the last 200 days and noting there is no sign the gap between those averages is closing. It also points to an ADX reading of 23.4, indicating the bearish trend is losing some strength even as it remains active.
Decrypt links the crypto tone to a macro backdrop in which risk assets have benefited from calmer market expectations. It notes that U.S. equities rose Tuesday, with the S&P 500 up 0.39% and the Nasdaq up 0.67%, after June producer prices fell 0.3% on the month, mainly due to lower gasoline prices.
Even with that support, prediction market traders are not fully convinced. On Myriad, Decrypt reports traders price in 66.6% odds that Bitcoin will drop to $55K before revisiting $84K, while the odds of a July Federal Reserve rate hike fell to 12.3% from 31% after the PPI data.
Latest closeGasoline (RBOB) $3.042 ▼3.9%|Bitcoin $65,023.41 ▲0.1%|S&P 500 7,543.59 ▲0.4%