The standard binomial expansion gives:
$$(x+y)^n=\sum_{r=0}^{n} \binom nr x^{n-r}y^r$$
Put $x=1, y=-1$:
$$\begin{align}
0&=\sum_{r=0}^{n} \binom nr (-1)^r \\
&=\binom n0-\binom n1+\binom n2-\binom n3+\cdots +(-1)^n\binom nn\\
\binom n1+\binom n3+\binom n5+\cdots&=\binom n0+\binom n2+\binom n4\cdots\end{align}$$
It is interesting to consider some simple numerical examples of the expansion for different values of $n$ to get a more intuitive feel of the formula. A bar above the number indicates a negative sign.
$n=2$:
$$1\quad \bar{2}\quad 1$$
$n=3$:
$$1\quad \bar{3}\quad 3\quad \bar{1}$$
$n=4$:
$$1\quad \bar{4}\quad 6\quad \bar{4}\quad 1$$
$n=5$:
$$1\quad \bar{5}\quad 10\quad \overline{10}\quad 5\quad\bar{1}$$
From the above it is clear that:
for odd $n$, a coefficient has the opposite sign of its "mirror image", i.e. $${n\choose k}=-{n\choose n-k}$$ (e.g. 1, -1; -3, 3) thus cancelling out pairwise.
for even $n$, this does not occur as a coefficient has the same sign as its "mirror image" (e.g. 1, 1; -4, -4); however, the sum of coefficients in even positions is numerically equal to the sum of coefficients in odd positions, but is negative, thus the sums cancel out (e.g. 1+6+1=4+4, and (1+6+1)+(-4-4)=0)
Thus the formula holds for both odd and even $n$.