Bitcoin Bounces to $65,000 but Fails to Hold Gains Amid Bearish Chart Setup

Employers cut 23,000 jobs in July, marking the first net loss since the pandemic-era recovery and a sharp miss against economist expectations for a 95,000 gain. Markets interpreted the weak data as reason for the Federal Reserve to hold rates steady, sending Treasury yields lower—a tailwind that typically favours risk assets. Yet Bitcoin tapped its 50-day moving average and rolled back below it, unable to sustain the bounce.

Bitcoin was one of the steadier large caps on the week at +1.17% over seven days, behind only BNB and Solana, yet still could not close back above its own moving-average ceiling. The top 10 assets by market cap posted stronger performance, signalling relative weakness. Bitcoin trades at $64,261, down 0.92% on the day, pinned just under the $64,568 floor in a market carrying a death cross—a formation traders view as a classic bearish indicator.

Since the May peak near $80,000, Bitcoin has logged lower highs and lower lows, bleeding through June and July into a volatile, downward-sloping base. The bounce from the $62,216 swing low attempted to reclaim the 50-day exponential moving average but stalled and rolled back—a pattern matching what bull traps are supposed to look like: enough to draw buyers, not enough to hold.

The 50-day EMA remains below the 200-day moving average, the formation traders call a death cross, signalling the medium-term trajectory is down. The Relative Strength Index reads 50—dead neutral, indicating neither buyers nor sellers have the upper hand. Bulls needed a daily close back above the EMA50 to begin reversing that reading and did not secure it.