Bear Market Bingo: $BTC Bounces Off 21-Month Lows While $ETH Prints Its Ugliest Weekly Candle in Years 🎰

Bitcoin hovered in the low $60,000s on Monday, recovering from a brief dip under $58,000 last week that marked a 21-month low, while Ethereum slid below $1,750 and flashed what analysts called its worst weekly signal in years. BTC opened the week at $63,587, reached an intraday high of $64,657, and then closed lower, leaving price around $61,749, down 2.89% on the week. The $64,000–$65,000 zone, which has acted as resistance since early June, again capped the rally attempt before bulls retreated. ETH traded around $1,750, down roughly 4% on the day and more than 30% over the past year. The total crypto market cap excluding Bitcoin and Ethereum has shed roughly 30% since January, with altcoins bearing the brunt of the selloff. Newly public crypto firms Gemini, Bullish, and BitGo have all traded down sharply since their debuts, adding to a grim market backdrop.

Technical indicators pointed to a confirmed downtrend. The Average Directional Index (ADX) on Bitcoin's weekly chart registered 30.7, above the 25 threshold that traders use to confirm a trend is in place regardless of direction. The weekly Fibonacci retracement of the move down from $82,833 clusters heavy activity in the $73,245 and $70,284 zones, levels that have historically attracted bids during prior drawdowns. The next Bitcoin halving, when the block reward is cut by 50%, is roughly 21 months away, a window that has historically preceded accumulation phases in prior cycles.

Sentiment data underscored the bearish tilt. On Myriad, a prediction market developed by Decrypt's parent company Dastan, traders assigned nearly 73% odds that Bitcoin will touch $55,000 before $84,000, a flip from the bullish lean seen before June 2. Spot Bitcoin