BTC: Bearish Setup Signals Deeper Sell-Off

BTC faces a massive bearish setup that points to deeper sell-off, according to Omkar Godbole, who highlighted cycle history retracing 61.8% of gains from 2010 and BTC missing the equity rally as key factors. The analyst added that the DAT story is baked in and fresh narratives remain scarce, while noting bullish counters like a declining dollar index and potential rotation from equities and gold into BTC, with cycle bottoms historically arriving in September-October.

Price action on the 4h chart shows BTC trading at $63659.86 inside a bullish trend structure defined by EMA50 at $63556.2 and EMA200 at $63694.27, yet testing upper Bollinger resistance at $63602.68 with MACD golden cross intact and RSI at 58.96; this confluence suggests a healthy retracement toward the 50-EMA support before any continuation higher.