BTC trades near $64,858 after breaking resistance but faces bearish technical signals amid mixed macro sentiment.
Bitcoin climbed above $64K resistance Tuesday and remains at $64,858, down just 0.18% today. The move follows a technical breakout, though traders remain cautious due to a looming death cross on price charts, signaling potential downside pressure.
The cryptocurrency sits roughly 5% above a key support channel, which, if breached, could confirm a broader downtrend. Derivatives markets reflect skepticism, with traders pricing 66.6% odds of a drop to $55K before a rally to $84K. Meanwhile, traditional markets showed strength, with the S&P 500 and Nasdaq rising 0.39% and 0.67%, respectively, after softer-than-expected June PPI data.
The VIX fell to 16.5, indicating reduced volatility expectations, while Fed rate hike odds for July dropped to 12.3%. Despite risk-on sentiment in equities, Bitcoin’s technical outlook remains fragile.