Bitcoin (BTC) Warned of Collapse to $55,000...Ethereum Faces Dead Cross Bomb Crisis

▲ Bitcoin (BTC), Ethereum (ETH)

While Bitcoin (BTC) failed to break through the $64,000-$65,000 resistance, Ethereum (ETH) confirmed a weekly dead cross for the first time in years. With the probability of bearish bets on Bitcoin rising to 72.3%, the possibility of Ethereum falling to $1,500 has also come to the forefront.

According to crypto media outlet Decrypt on July 8 (local time), Bitcoin closed down 2.89% this week at $61,749. The weekly opening price was $63,587 and the high was $64,657, but it failed to break past the $64,000-$65,000 range, which has acted as a ceiling since early June. Myriad participants estimated the probability of Bitcoin reaching $55,000 before $84,000 at approximately 73%.

Technical indicators also pointed to selling dominance. Bitcoin's Average Directional Index (ADX) was 30.7, exceeding 25, and the directional indicator showed a downward trend. The Relative Strength Index (RSI) was 36.8, approaching the oversold threshold of 30 but not yet entering that zone. The 50-week Exponential Moving Average (EMA) remains above the 200-week EMA, maintaining a golden cross, but the gap between the two moving averages is rapidly narrowing.

Bitcoin spot ETFs broke a 10-day streak of $2.7 billion in net outflows, seeing an inflow of $221.7 million on July 2 alone, and subsequently attracted approximately $510 million. Glassnode on-chain data showed that long-term holders ended a prolonged selling phase and began accumulating again. Conversely, the Fear & Greed Index remained in the extreme fear zone at 23, and Citi lowered its 12-month Bitcoin outlook to $82,000, presenting a bearish forecast of $53,000.

Ethereum's technical warnings are more pronounced. The 50-week Exponential Moving Average (EMA) fell below the 200-week EMA for the first time in years, confirming a weekly dead cross. Myriad participants estimated the probability of Ethereum reaching $1,500 before $3,000 at 72.3%. Ethereum's Average Directional Index was 26.5, and its Relative Strength Index was 36.9. Decrypt suggested $1,500 as the next key technical price level. Citi's bearish forecast for Ethereum is $1,094, and technical indicators show no signs confirming an uptrend reversal until it recovers to $2,000.

[Article Key Summary]

-Bitcoin failed to break through the $64,000-$65,000 resistance, closing down 2.89% this week at $61,749.

-Myriad participants estimated the probability of Bitcoin reaching $55,000 before $84,000 at 72.3%.

-Ethereum confirmed a weekly dead cross for the first time in years, with $1,500 suggested as the next key technical price level.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*