Bitcoin has struggled to maintain its position above $65,000 for four consecutive days as rising oil prices reignite inflation concerns ahead of Wednesday's U.S. inflation report.
By Shaurya Malwa9 min ago2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on XRP price today. (CoinDesk Data)SummaryShow- Bitcoin has dipped below $65,000 following its fourth unsuccessful attempt to sustain that level, although it remains slightly up for the week amid a generally weak sentiment in the crypto market.
- Ether and XRP experienced the most significant declines among major cryptocurrencies, while Solana and BNB managed to hold onto weekly gains, and HYPE, Tron, and Dogecoin saw slight increases.
- Market experts are noting a rise in short positions above $65,000, with $70,000—close to Bitcoin’s 200-day moving average—identified as a critical threshold that could influence market sentiment as investors keep an eye on rising bond yields and oil prices, along with upcoming U.S. inflation statistics.
On Tuesday, Bitcoin fell to around $64,000, down more than 1% for the day, yet it has seen a slight increase over the week after failing to maintain its position above $65,000 for the fourth time. It briefly reached a high of over $65,300 within the last 24 hours before declining during the Asian trading session.
Ether showed the weakest performance among major cryptocurrencies, dropping over 2% to $1,878, although it remains slightly higher on a weekly basis. XRP decreased by nearly 2% to $1.01, marking a weekly decline of almost 6%, the largest drop among its peers. Solana fell by less than 1% to $76 but leads the week with a 3% increase. BNB decreased to $600 while still holding a 2% gain for the week.
Conversely, three major cryptocurrencies saw gains. Hyperliquid's HYPE increased by nearly 2% to $55, Tron rose slightly to 33 cents, and Dogecoin saw a marginal increase to 7 cents.
According to Alex Kuptsikevich, chief market analyst at FxPro, Bitcoin has been testing the $65,000 mark for four days without any significant buying momentum as it nears this critical level. He noted the lack of selling pressure, interpreting it as a "build-up of short positions well above this level," rather than profit-taking by holders.
Kuptsikevich highlighted that $70,000 is the next key level to watch, as it is another significant round number, coinciding with the 200-day moving average. Clearing this level would push Bitcoin above the range where buyers and sellers were active during March and April, potentially leading to a substantial shift in market sentiment.
However, traders have not reached that point yet. The crypto sentiment index currently stands at 30, indicating a state of fear, and it has remained in this range since mid-July, with occasional dips into extreme fear territory.
In broader markets, bond and oil prices are influencing trends. On Monday, U.S. 10-year Treasury yields rose by six basis points to 4.71%, which negatively affected Australian and New Zealand government bonds, while Treasury trading was paused during Asian hours due to a public holiday in Japan.
Brent crude prices stabilized at $87.73 per barrel after a 5% increase on Monday, spurred by President Donald Trump’s renewed demands on Iran, dampening expectations for a deal to reopen the Strait of Hormuz. Gold prices rose for a third consecutive session, trading above $4,400 per ounce.
The increase in oil prices is expected to impact the inflation data set to be released on Wednesday at 8:30 a.m. ET, which is causing concerns for assets that typically perform better when interest rate hikes seem less likely.
Fund flows had been trending positively until this week. U.S. spot Bitcoin funds attracted $865 million over five sessions through August 7, but there was a preliminary outflow of $91 million on Monday.
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