Bitcoin Stalls as Ethereum Flashes Worst Weekly Signal in Years: Analysis

Decrypt07-08 19:23

In brief Bitcoin fell 2.89% this week, closing at $61,749 after failing to break resistance in the $64–65K range—the key zone bulls needed to reclaim to change the short-term narrative. Ethereum ...

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Meanwhile, ETH just printed a weekly death cross for the first time in years.","collect":0,"end_time":0,"defaultTopTitle":"decrypt.co","property":[],"viewcount":null,"language":"en","relate_stocks":{"SETH":"1倍做空以太币期货ETF-Proshares","BITO":"比特币期货ETF-ProShares","ETHE":"最大以太坊ETF-Grayscale","FETH":"以太币ETF-Fidelity","BFAP":"FT Vest Bitcoin Strategy Floor15 ETF - April","BTCC":"Grayscale Bitcoin Covered Call ETF","BTF":"比特币&以太币期货ETF-CoinShares","ETHI":"Defiance Leveraged Long Income Ethereum ETF","EZET":"以太坊ETF-Franklin","BCCC":"Global X Bitcoin Covered Call ETF","BTCI":"NEOS Bitcoin High Income ETF","BTFX":"比特币期货ETF-CoinShares","CBOO":"Calamos Bitcoin Structured Alt Protection ETF - October","ETCO":"Grayscale Ethereum Covered Call ETF","YBTC":"比特币看涨期权ETF-Roundhill","IBIT":"比特币ETF-iShares","ARKB":"比特币ETF-21Shares","BITU":"2倍做多比特币期货ETF-Proshares","ETHT":"ProShares Ultra Ether ETF","BTCL":"T-REX 2X LONG BITCOIN DAILY TARGET ETF","QETH":"以太坊ETF-Invesco Galaxy","ETU":"T-Rex 2X Long Ether Daily Target ETF","ETHU":"2倍以太币期货ETF-Volatility Shares","BTCO":"比特币ETF-Invesco Galaxy","CBXA":"Calamos Bitcoin 90 Series Structured Alt Protection ETF – April","BITX":"2倍比特币期货ETF-Volatility Shares","ETHV":"以太坊ETF-VanEck","ETQ":"T-Rex 2X Inverse Ether Daily Target ETF","EETH":"以太币期货ETF-ProShares","CBXJ":"Calamos Bitcoin 90 Series Structured Alt Protection ETF - January","BTRN":"比特币期货ETF-Global X","ETHW":"以太坊ETF-Bitwise","ETH":"低成本以太坊ETF-Grayscale","HODL":"比特币ETF-VanEck","BETH":"比特币&以太币期货ETF-ProShares","BTCW":"比特币ETF-Wisdom Tree","GBTC":"比特币ETF-Grayscale","ETHA":"以太坊ETF-iShares","BTCZ":"T-Rex 2X Inverse Bitcoin Daily Target ETF","BTC":"Grayscale Bitcoin Mini Trust","BITI":"1倍做空比特币期货ETF-Proshares","CBOJ":"Calamos Bitcoin Structured Alt Protection ETF - January","ETHD":"ProShares UltraShort Ether ETF","YETH":"Roundhill Ether Covered Call Strategy ETF","CBTA":"Calamos Bitcoin 80 Series Structured Alt Protection ETF – April","DFII":"FT Cboe Vest Bitcoin Strategy & Target Income ETF"},"translate_title":"以太币发出多年来最糟糕的每周信号，比特币陷入停滞：分析","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ETHV":0.6,"ETCO":0.6,"BTCZ":0.6,"CBOO":0.6,"SETH":0.6,"FETH":0.6,"YBTC":0.6,"DFII":0.6,"ETHU":0.6,"QETH":0.6,"BITO":0.6,"BITX":0.6,"BTF":0.6,"BFAP":0.6,"BTRN":0.6,"ETH":0.6,"ETU":0.6,"GBTC":0.6,"CBOJ":0.6,"ETHE":0.6,"BTCO":0.6,"ETHA":0.6,"ETHD":0.6,"BTCW":0.6,"ETHI":0.6,"BCCC":0.6,"BTCL":0.6,"EZET":0.6,"BTFX":0.6,"BTCI":0.6,"CBTA":0.6,"BTCC":0.6,"HODL":0.6,"IBIT":0.6,"BTC":0.6,"ETQ":0.6,"EETH":0.6,"YETH":0.6,"ARKB":0.6,"BITU":0.6,"ETHT":0.6,"ETHW":0.6,"BETH":0.6,"BITI":0.6,"CBXJ":0.6,"CBXA":0.6},"content_text":"In brief\nBitcoin fell 2.89% this week, closing at $61,749 after failing to break resistance in the $64–65K range—the key zone bulls needed to reclaim to change the short-term narrative.\nEthereum confirmed a weekly death cross for the first time in years, with its 50-week EMA now below its 200-week EMA, and prediction market traders now pricing a 72.3% chance ETH hits $1,500 before it sees $3,000 again.\nThe broader crypto Fear & Greed Index sits at 23 (extreme fear), spot Bitcoin ETFs just ended a 10-day, $2.7 billion outflow streak.\nThe crypto market enters the second week of July in rough shape.Bitcoin is holding on, but just barely, in the low $60,000s after briefly touching 21-month lows under $58,000 last week. Ethereum is below $1,750, down around 4% on the day, and more than 30% in the last year. The broader market is down, of course, and altcoins are down harder.The total crypto market cap excluding BTC and ETH shed 30% since January. Crypto IPOs—Gemini, Bullish, BitGo—have imploded since their debut.The mood is, understandably, grim.But grim moods have a long history of being wrong at exactly the wrong time. Every major Bitcoin bear cycle since 2009 has ended with a flush, an extreme fear reading, and a moment where the obvious trade looked like going short.Bitcoin has now been through four such cycles, and in nearly every case, a pre-halving compression phase—where price grinds lower and sentiment deteriorates before the next supply shock—preceded the next leg up. The next halving—when mining rewards, and therefore the supply of newly minted Bitcoin, are cut by 50%—is roughly 21 months away, which historically is when accumulation starts making uncomfortable sense.The difference this cycle? Crypto is now mainstream.Spot Bitcoin ETFs, institutional balance sheets, formal accounting standards changes, and a legislative framework for digital assets have all arrived since the last halving. Bitcoin now has a fundamentally different institutional status than it did when BTC was a niche hobby. That doesn't eliminate volatility—it just means the players in this bear market are wearing different suits than last time. Whether that speeds up or delays the bottom is an open question. The charts, for now, have their answer.Bitcoin price: optimism with an asteriskBitcoin opened the week at $63,587, hit a high of $64,657, then closed lower, meaning that the bulls showed up, tried to push through, and failed. Bitcoin is trading hands at $61,749, down 2.89% in the week.It’s important to note that BTC fell to $58,035 just days ago—a 21-month low—before bouncing.The resistance zone that stopped the spike is exactly the one everyone was watching. The $64–65K area has been acting as a ceiling since early June, and this week's candle barely kissed it before retreating. On Myriad, a prediction market developed by Decrypt’s parent company Dastan, traders are placing nearly 73% odds that Bitcoin touches $55,000 before $84,000. The sentiment among predictors flipped on June 2—before that, the smart money was leaning bullish.Zooming out on the weekly chart, the Fibonacci retracement (natural support and resistance zones that happen during a trend) of that entire downleg from $82,833 places the $73,245 and $70,284 zone as with the most activity.The Average Directional Index, or ADX, is at 30.7. The ADX measures trend strength regardless of direction on scale from 0 to 100. When it’s above 25, this tells traders that an actual trend is in place, and 30.7 is solidly there. Based on directionality, bears are in control.The Relative Strength Index, or RSI, sits at 36.8. RSI measures momentum, similarly on a 0–100 scale: Above 70 signals overbought conditions and usually triggers profit-taking; below 30 signals oversold conditions that typically attract buyers. At 36.8, Bitcoin is close to oversold but hasn't crossed the threshold yet. The technical setup suggests selling pressure may be approaching exhaustion—but \"approaching\" isn't \"done.\" Right now markets appear to be panic selling.One note of caution for the bears: The picture painted by the exponential moving averages remains bullish. Bitcoin's 50-week exponential moving average, or EMA, is still above its 200-week EMA. When this happens, it forms a pattern that traders refer to as a “golden cross,” which in this case is technically still intact. But it's narrowing fast. The inverse of a golden cross is a death cross, and if it forms on the weekly chart it would represent a structural shift that very few Bitcoin cycles have survived without a deeper flush first.Thankfully for permabulls, this has not happened in a while.Reasons for the bullish case are mostly fundamental:Spot Bitcoin ETFs just snapped a 10-day, $2.7 billion outflow streak with a $221.7 million single-day inflow on July 2, and have since pulled in roughly $510 million. On-chain data from Glassnode shows long-term holders have returned to accumulation after an extended period of distribution, with buying activity broadening across wallet cohorts.The Fear & Greed Index at 23, registering “extreme fear,” is historically a contrarian signal—not a guarantee, but a pattern. Some indicators approaching oversold from the weekly chart suggest the selling may be closer to exhausted than just starting.\n$BTC has seen a series of bullish patterns broken, evidence of the power of the downtrend. Will this 'W' be the one that breaks the trend?\n— John Bollinger (@bbands) July 2, 2026For the bearish scenario, the technicals are more apparent for those focusing on shorter time frames:Bitcoin failed to break the exact resistance everyone was watching. ADX at 30.7 with bearish directional index confirms an active downtrend with real momentum. Year-to-date ETF outflows are still negative. Citi downgraded its 12-month Bitcoin forecast to $82,000 with a bear case at $53,000. The Fibonacci target below current price at $57,735 is still the most visible technical magnet on the chart. Myriad's prediction market—where money, not opinions, speaks—says 72.3% chance of $55K first.Ethereum price: The death cross nobody wantedEthereum is trading at $1,729.7, down 3.06% from its $1,784 weekly open. That number is painful enough. But the bigger story isn't the weekly candle—it's what just happened on the weekly chart under the hood.Ethereum has just confirmed a weekly death cross. The 50-week exponential moving average has crossed below the 200-week EMA for the first time in years. The upcoming days/weeks will be key to define positions for long-term trades if the cross extends and is not invalidated.On shorter timeframes, death crosses happen regularly and can reverse quickly. On the weekly chart, they represent months of structural deterioration, and they tend to define entire market phases rather than single moves.Ethereum's daily chart has been in death cross since November 2025, when ETH peaked near $4,100 before beginning its extended decline. That daily bearish structure has now propagated to the weekly frame—a longer-timeframe confirmation that the bear trend isn't a blip.Traders on Myriad appear as bearish on ETH as they do on BTC, likewise pricing in a 72% chance Ethereum hits $1,500 before $3,000. These odds flipped in May—before that, the market was closer to 50-50 between the two outcomes. The gap between options is now at its largest since June, suggesting conviction has moved firmly into the bearish camp among traders putting actual money on the line.The Fibonacci retracement on ETH's downleg from $2,465.8 to $1,505.1 defines the zone between $2,098.9 and $1,985.5 as the ones with the most activity to watch for. Current price at $1,729.7 is pinned near the Fib level at $1,731.8. Below that, the next meaningful technical reference is the $1,500 price zone. That's exactly the doom scenario Myriad traders are betting on.The ADX reads 26.5 with bearish directionality—same story as Bitcoin, just more pronounced. A trend is confirmed, the direction is down, and the bears have the momentum. RSI at 36.9 mirrors Bitcoin's reading almost exactly: bearish, approaching oversold but not there yet.Some hopium for the bulls: Weekly death crosses on Ethereum have historically appeared around the final stages of bear market cycles—not the middle of them. In prior cycles, the three-day death cross frequently coincided with or immediately preceded significant bottoms. In other words, this is the panic zone in which many people wait to buy the asset for cheap.If that pattern holds, the pain may be closer to ending than beginning. ETH spot ETFs turned positive on July 2 with $29.1 million in inflows. RSI is approaching oversold on the weekly—a zone that has historically been a strong accumulation signal for patient buyers.Now for the bears: A weekly death cross is a new structural reality, not a temporary signal—it took months to form and typically takes months to reverse. US spot ETH ETFs logged a record 17 consecutive days of net outflows totaling $401 million in May, followed by another 10-day streak in June.The Fibonacci target of $1,500 is technically the next major level, and it's the exact number Myriad's 72.3% majority is betting on. Citi's bear case for ETH is $1,094. The weekly structure doesn't give bulls much to work with until the price of Ethereum reclaims the $2,000 area—a 15.6% climb from current levels that would require a sustained trend reversal that no indicator yet confirms.DisclaimerThe views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.Your EmailGet it!Get it!","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.45.2","shortVersion":"4.45.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2650916978","isCrawlerRequest":true}