Bitcoin Price Faces Bearish Signals, Myriad Predicts 80% Chance of Drop to $55K
Bitcoin's daily chart shows bearish indicators including an RSI of 34, ADX of 36.9, and a death cross among EMAs, indicating organized decline. The $58,035 support level held briefly on Monday after a dip to $58,801, but traders question its durability. On Myriad, prediction market traders place an 80% probability of Bitcoin dropping to $55K before any rebound. Macro factors add pressure: Wall Street saw gains (Nasdaq +1.4%, S&P 500 +0.8%) due to political and geopolitical developments, but Bitcoin barely reacted. BTC is down 53% from its October 2025 all-time high of $126,198, with back-to-back quarterly losses resembling 2022. Spot Bitcoin ETFs bled $4 billion in June, removing institutional support. The Fed remains hawkish, with markets pricing an 80% chance of a December rate hike. On the daily chart, the 50-day EMA ($66,913) and 200-day EMA ($76,517) act as overhead resistance. The four-hour chart shows a compression zone between $59,200 and $60,400, offering short-term trading opportunities but risk of breakdown below $59,200. If $58,035 breaks, next support is at $55,528. Bulls need to reclaim the Fibonacci Golden Zone ($62,644-$63,732) then the descending trendline near $65,000.
Key facts
- Bitcoin RSI at 34, ADX at 36.9, death cross EMA setup on daily chart.
- $58,035 support held Monday after dip to $58,801; durability questioned.
- Myriad prediction market: 80% chance Bitcoin drops to $55K before rebound.
- Spot Bitcoin ETFs bled $4 billion in June; Fed hawkish with 80% rate hike chance.
- Four-hour compression zone between $59,200 and $60,400 offers short-term trades.