Bitcoin moved above the $64,000 resistance level on Tuesday and climbed as high as $65,511 during the session before easing back to $64,858, down 0.18% on the day, according to ChainCatcher. The chart setup cited in the report suggests that the descending channel in place since Bitcoin approached a high near $82,000 in May has not fully broken down.
The technical picture remains mixed. Bitcoin’s 50-day moving average is still below its 200-day moving average, forming what traders call a “death cross.” At the same time, the Average Directional Index, or ADX, stands at 23.4, indicating that bearish trend strength is weakening. The Relative Strength Index, or RSI, is at 55.7, placing it in a neutral to slightly bullish range.
On prediction market Myriad, traders assign a 66.6% probability that Bitcoin will fall to $55,000 before reaching $84,000. The probability of Bitcoin hitting $84,000 first is 33.4%. ChainCatcher said those odds have not changed materially despite recent price swings.
Bitcoin broke above the $64,000 resistance level on Tuesday, reaching an intraday high of $65,511 before pulling back to $64,858, down 0.18% on the day, according to ChainCatcher.
Descending channel remains in place
Chart signals cited in the report show that the descending channel that began after Bitcoin approached a high near $82,000 in May has not fully failed.
Technical indicators show a mixed picture
Bitcoin’s 50-day moving average remains below its 200-day moving average, forming what traders refer to as a “death cross.” The ADX stands at 23.4, suggesting bearish trend strength is weakening. The RSI is at 55.7, putting it in a neutral to slightly bullish range.
Myriad traders still favor a move to $55,000 first
On prediction market Myriad, traders are assigning a 66.6% probability that Bitcoin will fall to $55,000 before rising to $84,000. The probability of Bitcoin reaching $84,000 first is 33.4%. The report said those odds have not changed materially despite recent price moves.
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