BTCUSD sell-off targets $59,700 amid continued bearish attacks

After reaching a local high, BTCUSD has entered a correction. Tuesday’s intraday dynamics point to buyers’ attempts to seize the initiative, but a broader trend shows that sellers are firmly in control.

The daily chart reveals a bearish alignment of exponential moving averages. The EMA20 sits at $62,916.64, while the EMA50 stands at $65,078.91, with both lines sloping lower, confirming sellers’ advantage. The current price hovers below the 20-day moving average; however, the pair’s recent rebound from late June lows temporarily brought it closer to the upper line. Sadly, buyers failed to consolidate above this level, triggering a two-day pullback.

Now, let’s take a look at other technicals. The Relative Strength Index (RSI) remains in neutral territory with a slight bullish bias. However, this momentum appears to be fading, as the indicator has recently reversed its course. At the same time, the ATR has declined since early June, though volatility has risen again in the lead-up to the July 12 drop—a typical pattern when the market is seeking a new equilibrium.

These signals create a zone of uncertainty: bulls are trying to take the wheel, but bears are not yet ready to give up their leading position. Consolidation above the EMA20 could improve Bitcoin’s chances of a recovery toward the $64,700–$65,100 range. Otherwise, the pair risks retesting the $61,800 support level and diving deeper.

The fundamental environment is a mixed bag. The US government’s transfer of approximately 3,940 BTC to Coinbase Prime has sparked concerns about the possible sale of confiscated assets. However, the transfer itself does not confirm that, as the platform is also used for institutional custody. Renewed capital flows into spot Bitcoin exchange-traded funds (ETFs) after an eight-week pause suggest that major investors are showing interest in the cryptocurrency once again.

Meanwhile, upcoming US inflation data, the Federal Reserve’s (Fed) future monetary path, and ongoing Middle East jitters could all fuel volatility.

Pay attention to the following trading strategy:

Sell BTCUSD at current levels (around $62,700). Place Take profit at $59,700 and Stop loss at $65,000.

This forecast remains relevant between July 14 and July 21, 2026.