Bitcoin failed to break through the $64,000 to $65,000 resistance zone, while Ethereum confirmed a weekly death cross for the first time in years.

On July 8, DeCrypt reported that Bitcoin was moving sideways in the $62,000 range, while Ethereum also stayed weak after sliding below $1,750.

The market focus is a structural signal rather than a price drop. Bitcoin rebounded after falling to as low as $58,035 last week, its lowest level in 21 months, but the rebound was capped in the $64,000 to $65,000 band. The range has acted as a ceiling since early June and it again failed to recover this week. The market has not regained a price level it viewed as a benchmark for a short-term turnaround.

Technical indicators also tilt to the downside. Bitcoin's ADX, an indicator of trend strength, stood at 30.7, signaling a clear downtrend. The relative strength index was 36.8, close to oversold territory but not yet in it.

Bitcoin's long-term trend has not fully broken down. The 50-week exponential moving average remains above the 200-week line, keeping the weekly golden-cross structure intact. If a death cross forms on the weekly chart, it could be read as a structural shift ahead of a deeper decline.

Ethereum is showing a weaker trend than Bitcoin. Ethereum was trading in the $1,730 range, down about 1.8 percent over the past 24 hours.

A bigger problem is that the 50-week exponential moving average fell below the 200-week line, confirming a weekly death cross. Unlike a death cross on shorter charts, a weekly signal reflects structural deterioration over several months, and once formed it takes time to reverse.

Market sentiment also worsened quickly. The Crypto Fear & Greed Index fell to 23, entering the "extreme fear" zone. In prediction markets, the chance that Bitcoin hits $55,000 before $84,000 was reflected in the 72 percent range, and Ethereum was also seen as more likely to reach $1,500 than to regain $3,000. For Ethereum, this probability reversal began in earnest from May, and the gap between the two scenarios has widened the most since June.

Broad weakness in altcoins was also confirmed. The total cryptocurrency market capitalisation excluding Bitcoin and Ethereum has fallen 30 percent since January. Cryptocurrency IPO names such as Gemini, Bullish and BitGo also showed a weak trend after listing.

Fund flows offered some signs of a reversal. Bitcoin spot exchange-traded funds recorded net inflows of $221.7 million on July 2, ending a run of 10 consecutive sessions and total net outflows of $2.7 billion. Inflows then rose to about $510 million. Glassnode on-chain data also detected signs that long-term holders shifted back to accumulation after distributed selling. Ethereum spot ETFs also returned to net inflows of $29.1 million on July 2.

However, fund flows for Ethereum spot ETFs remain a burden. Ethereum spot ETFs saw 17 consecutive sessions of net outflows in May, with a total of $401 million leaving, and another 10 consecutive sessions of net outflows followed in June. In price terms, the $1,500 zone is also being presented as the next key support. Citi cut its 12-month Bitcoin forecast to $82,000 and put $53,000 as a bearish scenario, while setting Ethereum's bearish scenario at $1,094.

The market is also paying attention to precedents in which extreme fear acted as a bottom signal. A fear index reading of 23 does not always guarantee a rebound, but historically it has been read as a contrarian indicator. Ethereum's weekly death cross has also often appeared in the later part of past bear markets rather than the middle, leaving expectations that the pain may be closer to the end than the start.

Still, in the short term it is being highlighted that it is difficult to confirm a clear trend-reversal signal until Bitcoin recovers the $64,000 area and Ethereum climbs back above the $2,000 level. In this situation, the market is watching whether ETF inflows lead to a temporary rebound or whether bearish technical signals persist for some time.