BTC Cracks $64K While a Death Cross Cracks Knuckles 📉

Bitcoin cleared the $64,000 resistance level on Tuesday, tagging a daily high of $65,511 before settling at $64,858, down 0.18% on the forming daily candle, according to chart data. The move marks the first push past a ceiling that had rejected prices for roughly two weeks.

The breakout arrived against a backdrop of soft U.S. producer-price data and strong bank earnings. June PPI fell 0.3% month over month, driven largely by a drop in gasoline prices, helping push the odds of a July Federal Reserve rate hike from 31% last week to 12.3%, per CME FedWatch. The S&P 500 gained 0.39% and the Nasdaq climbed 0.67% on Tuesday, while the VIX fell to 16.5. Q2 results from Goldman Sachs, Morgan Stanley, JPMorgan, and Citi topped analyst estimates.

Despite the macro tailwind, longer-term indicators on $BTC remain defensive. An aggregate indicator score stands at -36%, headlined by a death cross in which the 50-day average trades below the 200-day average. The Average Directional Index sits at 23.4, below the 25 level typically used to confirm a trend, with the bearish Di- still in place even as it transitions toward bullish Di+. The Relative Strength Index is at 55.7, and the Squeeze Momentum Indicator is off, with momentum rising at 1.75.

BTC remains on the edge of a descending trend channel dating to May highs near $82,000, and a 5% pullback from current levels would put the structure back in play for bears.