Bitcoin stalls near $62,000 as Ethereum prints weekly death cross

Bitcoin failed its breakout at $64,000 resistance while Ethereum confirmed its first weekly death cross since 2022, deepening the bearish technical setup across crypto markets.

Bitcoin fell 2.9% to $61,749 after failing to break resistance at $64,000, while Ethereum confirmed its first weekly death cross in years at $1,729.70.

"The crucial level for me is the $61,000 area," Michaël Van de Poppe, crypto trader and analyst, said. "As long as it remains a relatively shallow correction, I don't think we'll start to see lower levels."

Spot Bitcoin ETFs snapped a 10-day, $2.7 billion outflow streak with $221.7 million in net inflows on July 2, followed by roughly $510 million in cumulative inflows since, according to Glassnode. Long-term holders have returned to accumulation after an extended distribution period, the on-chain firm said. Ethereum spot ETFs recorded $29.1 million in inflows on the same day.

The Fear & Greed Index at 23, registering "extreme fear," has historically acted as a contrarian signal during prior cycle bottoms. But prediction market traders on Myriad are pricing a 72.3% chance Bitcoin touches $55,000 before $84,000, and a 72% probability Ethereum hits $1,500 before $3,000.

$64K Rejection Resets BTC Outlook

Bitcoin's weekly candle opened at $63,587, touched a high of $64,657, then closed lower — a rejection at the exact resistance zone capping price since early June. The Average Directional Index at 30.7 confirms an active downtrend with bearish directionality, while the Relative Strength Index at 36.8 approaches oversold territory without crossing the threshold.

The 50-week EMA remains above the 200-week EMA, keeping the golden cross technically intact, but the gap is narrowing. Citi downgraded its 12-month Bitcoin forecast to $82,000 with a bear case at $53,000, while the Fibonacci target below current price sits at $57,735.

Ethereum Death Cross Signals Structural Shift

Ethereum's weekly death cross is the first such signal in years and represents months of structural deterioration. The daily chart has been in death cross territory since November 2025, when ETH peaked near $4,100 before beginning its extended decline.

The ADX reads 26.5 with bearish directionality. The Fibonacci retracement of ETH's downleg from $2,465.80 to $1,505.10 places the next meaningful technical reference at $1,500 — the exact level Myriad's 72.3% majority is betting on. Weekly death crosses on Ethereum have historically appeared around the final stages of bear market cycles, not the middle of them, according to prior cycle data.

This article is for informational purposes only and does not constitute investment advice.