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Bitcoin struggles below moving-average level as rally fades

After tapping about $65,000, Bitcoin slipped to $64,261, down 0.9% on the day, while bearish signals such as a death cross persist.

Reported · Written up by our desk · Market Structure

Bitcoin rebounded to around $65,000, but the move appears to have fizzled, with bearish technical indicators still in place, according to Decrypt. On the seven-day chart, Bitcoin is up, yet it has failed to regain the key moving-average area that had been acting as a ceiling.

Decrypt reports that traders were watching macro developments as well after employers cut 23,000 jobs in July, the first net loss since the pandemic-era recovery, and a miss versus the 95,000 gain economists expected. Markets interpreted the data as a reason the Federal Reserve could keep rates unchanged, with Treasury yields falling, which would typically support risk assets, but Bitcoin did not sustain the bounce.

The latest daily price action shows Bitcoin tapping the average price of the last 50 days and then dropping back below that territory, Decrypt said. Bitcoin was one of the steadier large caps over the week at 1.2%, behind BNB and Solana, but it still could not close above its own moving-average ceiling.

Decrypt also pointed to ongoing trend damage since the May peak near $80,000, with lower highs and lower lows carrying through June and July. It said Bitcoin is trading in a market still marked by a death cross, where the shorter-term moving average remains below the 200-day level, and it described the recent bounce as consistent with a bull trap pattern that can set up longer compression.

Latest closeBitcoin $63,866.43 ▼1.5%|Solana $75.89 ▼0.4%|BNB $599.84 ▼0.3%

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