Bitcoin slipped back toward the $64,000 mark on Tuesday, sliding more than 1% intraday, yet its weekly gains remained modest. This marks the fourth consecutive trading day that the digital asset has failed to break decisively through the $65,000 threshold. After touching a 24-hour high above $65,300, the cryptocurrency retreated during the Asian afternoon session. FxPro’s chief market analyst, Alex Kuptsikevich, noted that Bitcoin has tested the $65,000 level for four days straight, but buying demand has not surged as it nears this round number. More notably, the absence of selling pressure suggests that positions are being built short at significantly higher levels, rather than a wave of profit-taking by holders. This makes $70,000 a key level to watch, as it lies near the 200-day moving average. A breakout above that would shift Bitcoin away from the March-to-April range where bulls and bears have been locked in struggle, a move Kuptsikevich believes would significantly shift market sentiment.
Most major cryptocurrencies traded weaker. Ethereum fell more than 2% on the day to $1,878, making it the worst-performing major cryptocurrency, though its weekly losses are still minimal. Ripple dropped nearly 2% to $1.01, with a weekly decline of about 6%, making it the weakest performer among the major coins. Solana edged down to $76 but still held a 3% weekly gain. Binance Coin retreated to $600, also posting a roughly 2% weekly increase. The Hyperliquid platform token HYPE climbed nearly 2% to $55, while Tron inched slightly higher to $0.33, and Dogecoin ticked up to $0.07.
On the macro front, bonds and oil set the tone for broader markets. The yield on U.S. 10-year Treasury notes rose by 6 basis points on Monday to 4.71%, dragging down Australian and New Zealand bonds, as the Japanese public holiday meant no cash trading in the Asian session. Brent crude oil held steady at $87.73 per barrel after surging 5% on Monday, as U.S. President Donald Trump made new demands on Iran, darkening the outlook for an agreement to reopen the Strait of Hormuz. Gold rose for a third consecutive day, holding above $4,400 per ounce. The rally in oil prices is putting pressure on the U.S. inflation data due Wednesday, and it explains why the rebound in energy costs is weighing on assets that had been boosted by expectations of an easing in interest rate hikes. On the flow side, U.S. spot Bitcoin exchange-traded funds recorded net inflows of $865 million over the five trading days through August 7, but on Monday, they briefly saw a net outflow of about $91 million. The crypto market sentiment index is currently in the "fear" zone at 30, where it has remained since mid-July, occasionally dipping into "extreme fear" territory.
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