Crypto Market Overview: Bitcoin softens on institutional selling – CRV, ICP outperform
- Bitcoin hovers around $64,000 after crossing below its 50-day EMA at $64,631 the previous day.
- Institutional selling of Bitcoin weighs on crypto market sentiment, with the Fear and Greed Index down to 37.
- Curve DAO and Internet Computer have extended their gains so far this week, emerging as top performers over the last 24 hours.
The broader cryptocurrency market shows mixed sentiment as Bitcoin (BTC) drops to $64,000 under institutional selling pressure. The Fear and Greed Index at 37, down from 40 the previous day, signals renewed bearish pressure. Meanwhile, Curve DAO (CRV) and Internet Computer (ICP) continue to extend their gains so far this week, emerging as top performers over the last 24 hours.
Technical outlook: Bitcoin risks losing $64,000
Bitcoin trades near $64,000 at press time on Tuesday, following a bearish close the previous day, which is linked to MARA Holdings selling off 23,093 Bitcoin for $1.627 billion in H1 2026 and Strategy offloading 1,690 BTC last week for $108.6 million, as previously reported by FXStreet.
Bitcoin maintains a bearish near-term bias as price breaks below the 50-day Exponential Moving Average (EMA) at 64,631. Price is clinging just above an upward support trendline whose break price sits near $63,535, while downside pressure remains reinforced by a descending resistance trendline capped around $65,387.
A clear daily close below $63,535 would likely open the way to a deeper corrective leg, potentially targeting the $60,000 psychological threshold.
Momentum is mixed, with the Relative Strength Index (RSI) hovering near 49 and the Moving Average Convergence Divergence (MACD) marginally above its signal line, suggesting consolidation.
On the topside, initial resistance is seen at the 50-day EMA around $64,631, followed by the descending trendline near $65,387, with further barriers at the 100-day EMA close to $66,836 and the more distant 200-day EMA near $72,845.
Technical outlook: Will Curve DAO and Internet Computer continue to extend gains?
Curve DAO sustains a bullish near-term bias as price holds above both the 50-day and 100-day EMAs at $0.2165 and $0.2225, respectively, and has reclaimed the 78.6% Fibonacci retracement at $0.2608, measured from the $0.2931 high to the $0.1700 low.
The near-term advance is approaching a key cap, with the 200-day EMA at $0.2725 acting as immediate overhead resistance, guarding the upside to the $0.2931 high.
The RSI at 79 suggests overbought conditions, while the rising MACD and signal line with an expanding positive bullish profile indicate firm upside pressure.
If CRV slips below $0.2608, the 50% retracement level at $0.2232 could serve as the immediate support, reinforced by the 100-day EMA at $0.2225.
Internet Computer is up 3% on Tuesday, extending the 5% gains from the previous day. The recent rebound above both the 50-day and 100-day EMAs at $2.2100 and $2.3281, respectively, reflects firm buying pressure. Still, ICP remains capped beneath the longer-term 200-day EMA at $2.6557, projecting a broader corrective tone.
Momentum is improving on the daily chart, with the RSI at 66 rising above the midline, while the MACD and signal line extend an uptrend.
A decisive close above the July 9 high of $2.399 could open the path toward the 200-day EMA at $2.6557 as the next significant resistance.
On the downside, immediate support is seen around the 100-day EMA at $2.3281 and the 50-day EMA at $2.2100.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Author
Vishal Dixit
FXStreet
Vishal Dixit holds a B.Sc. in Chemistry from Wilson College but found his true calling in the world of crypto.
