Bitcoin clears $64K resistance as death cross keeps bears

Bitcoin broke above $64,000 on Tuesday and was trading near $64,858. The token hit a daily high of $65,511 before settling roughly flat, down 0.18% on the forming candlestick.

The price moved just outside a descending trend channel that has tracked values since May highs near $82,000. Bitcoin sits about 5% above the channel’s boundary; a 5% decline from current levels would place the price back inside that channel. An aggregate indicator used by traders stands at -36%, led by a death cross in which the 50-day moving average is below the 200-day moving average.

Technical indicators show mixed readings. The Average Directional Index is 23.4, signaling that trend strength is moderating while directional indicators are shifting from negative to positive. The Relative Strength Index is 55.7. Momentum measures show the Squeeze Momentum Indicator off while momentum reads 1.75 and is pointing up.

Macro data on Tuesday supported risk assets. U.S. producer prices fell 0.3% in June, driven mainly by lower gasoline costs. The S&P 500 rose 0.39% and the Nasdaq climbed 0.67%. Market-implied odds of a Federal Reserve rate hike in July declined to about 12.3% from roughly 31% the prior week, according to CME FedWatch. The VIX volatility index fell to 16.5. Major banks reported second-quarter results above analyst estimates.

Chart-based support and resistance levels note Bitcoin at the 100% retracement level of a bearish leg from $64,657 down to $61,246. The 50%–61.8% retracement band between $62,952 and $63,354 was cleared during the rally and now serves as the first area of interest on a pullback. On the prediction market Myriad, traders placed 66.6% probability on a decline to $55,000 before an $84,000 outcome, with 33.4% favoring the higher target; those probabilities did not move substantially with the price spike.

If Bitcoin holds above $64,000 for several sessions, technical targets cited by market participants include $66,500–$67,600 and a possible extension to $70,000 if momentum builds. At present, price is just outside the long-running downtrend channel, the death cross remains in place, and several on-chain and chart indicators alongside the Myriad market show higher odds of a move to $55,000 before $84,000.