Bitcoin has moved back above the $64,000 threshold, posting a daily gain of more than 1% and a modest weekly advance on August 18. This rebound made it the only major cryptocurrency by market cap to register a notable uptick during the session.
Meanwhile, the broader digital asset landscape painted a divergent picture, with most leading tokens trading in the red. Ethereum slipped 0.5% to hover just under $1,900, though its weekly performance still reflects a near-1% gain. Ripple fell more than 1% to dip below $1, with a weekly decline exceeding 2%, marking it as the weakest performer among the majors. Dogecoin, BNB, and TRON all registered marginal losses, settling near 7 cents, above $600, and around 33 cents, respectively. Solana traded largely flat, holding just under $76.
In the mid-to-small cap segment, Hyperliquid's HYPE token stood out with a near-1% daily advance to above $59, capping off a 7.5% weekly gain and earning the title of the strongest performer of the week.
Where to start
Market analysts noted that Bitcoin has now spent four consecutive trading days below its 50-day moving average, with recent upward attempts failing to produce a decisive breakout. On a longer timeframe, the price remains under pressure from the 200-week moving average, indicating that bears hold a degree of advantage in both medium- and long-term trends.
According to analysts, unless the price can effectively break free from the current $62,000 to $65,000 consolidation range, the market's direction is unlikely to see any meaningful shift.
Adding to the backdrop, the underlying infrastructure of the Bitcoin network is undergoing notable changes. Data from Miner Weekly indicates that, due to unfavorable mining economics and heightened competition for capital and electricity from the AI sector, publicly listed mining companies have reduced their total hashrate by 21% for three consecutive quarters, reallocating those computational resources toward AI infrastructure projects.
Elsewhere, Venice, an AI platform founded by serial entrepreneur Eric Voorhees, announced that its annualized revenue has surpassed the $100 million mark. Buoyed by this news, the platform's token VVV surged 10% on the day to approximately $13.30.
In commodities, Brent crude oil climbed more than 0.5% to above $91 per barrel, following President Trump's statement that he does not intend to extend the soon-to-expire agreement with Iran, compounded by renewed escalations in the Lebanon conflict. Asian bond markets drifted lower alongside U.S. Treasuries amid concerns over government fiscal health, while rising energy prices intensified worries about a potential inflation resurgence, dragging down both equities and futures.
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