Bitcoin Rally Fades as Death Cross and Technical Indicators Point to Further Decline

Bitcoin's recent rally has come to an end, with the price now trading at $64,261, down 0.92% on the day.

The seven-day chart shows a slight increase in price, but bearish technical indicators persist, including a death cross formation where the shorter-term moving average trades under the longer-term one.

Prediction market traders are split on what to expect next, with some pointing to more short-term pain and others predicting a possible rebound. The odds of a drop to $55K are currently priced at 64.6% against a run to $84K at 35.4%.

The failed attempt by Bitcoin to reclaim the 50-day exponential moving average (EMA) suggests that the market is still in a downward trend, with the price stuck below the golden-zone support level of $64,568.