Bitcoin Hits $64,000, Ethereum Gains 5% on Ice-Cold Inflation Print: What Is Happening?

by | Jul 14, 2026 | General

Bitcoin (CRYPTO: BTC) is up 2% to $64,000 on Tuesday, while Ethereum (CRYPTO: ETH) surged more than 5% on a cool Consumer Price Inflation print.

Analyst Benjamin Cowen still warns the setup mirrors a 2018 pattern that gave back all its gains by September.

Is Bitcoin Replaying The 2018 Fake Rally?

Cowen drew a direct parallel to 2018 on X.

That year, Bitcoin started late June and early July with two green weeks, pulled back red into CPI, then bounced higher into late July before surrendering all gains by September. He said today’s setup looks similar.

The chart adds weight to that concern. Bitcoin broke above the descending trendline that capped every rally since the May top and reclaimed the 20-day EMA at $62,955 on the same candle, a meaningful structural shift. 

RSI crossed above 50 for the first time since late May, confirming the momentum move.

The question traders are sitting with is whether this is the start of a recovery or another bounce that fades into overhead supply, exactly as it did in 2018.

Key levels for Bitcoin

  • $62,955 — 20-day EMA, now acting as support; losing this turns the breakout into a fakeout
  • $65,060 — 50-day EMA, first resistance above
  • $67,000 to $68,000 — next resistance zone if $65,060 clears

Why Is ETH The More Interesting Trade Right Now?

Crypto analyst Ali Charts noted the SuperTrend indicator flipped bullish on the three-day chart for ETH.

The last two buy signals on that timeframe preceded rallies of 72% and 177%.

Trader Pentoshi said ETH is the most interesting major at current prices, pointing to three converging setups. 

On the ETH/BTC pair, price sits just under resistance where the previous lower low formed. Meanwhile, on the ETH/SOL pair, ETH has been in a slow uptrend for the past year. On the USD pair, price is not far above multi-year support.

“This price can be expensive, while a reclaim can be cheap,” Pentoshi wrote, adding that he started a quarter position at $1,766 with plans to add over time given the setup but acknowledged the resistance overhead makes a full position premature.

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