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XRP, ether lead crypto losses as traders eye $70,000 bitcoin next
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- DeepHorus
Bitcoin slipped below $65,000 for the fourth consecutive day on Tuesday, sliding to near $64,000 as an oil rally revived inflation worries ahead of Wednesday's U.S. price data. The world's largest cryptocurrency was down over 1% on the day but still slightly positive for the week. With ether and XRP leading declines among major tokens, the broader crypto market appears stuck in a holding pattern, and analysts are increasingly looking at $70,000 as the next key level.
This latest struggle comes after months of rangebound trading. Bitcoin previously fell sharply from the $70,000-$75,000 zone in April, and every attempt to reclaim $65,000 has faded. The persistent failure has kept the market in the "fear zone," with a sentiment index hovering near 30 since mid-July. Meanwhile, rising bond yields and geopolitical tensions have created a cautious backdrop for risk assets, while altcoins have suffered even more than bitcoin, reflecting a broad risk-off mood in the crypto space.
Among specific tokens, ether fell over 2% to $1,878, while XRP dropped almost 2% to $1.01 and was the worst weekly performer, losing nearly 6%. Solana eased less than 1% to $76 but still led the week with a 3% gain, and BNB slipped to $600, holding a 2% advance. Hyperliquid's HYPE rose almost 2% to $55, while tron and dogecoin posted modest gains. These moves come as U.S. spot bitcoin funds saw a net inflow of $865 million over five sessions through Aug. 7, before a provisional outflow of $91 million on Monday, showing mixed institutional participation.
Alex Kuptsikevich, chief market analyst at FxPro, said bitcoin has been testing $65,000 for four straight days without any surge in buying. More telling, he noted, is the absence of selling into that level, which suggests a build-up of short positions well above it rather than profit-taking. The next area to watch is $70,000, which aligns closely with bitcoin's 200-day moving average. Clearing that level would put bitcoin above the March-April trading range and could shift sentiment meaningfully, but traders are not there yet, as the fear index indicates persistent caution.
The macro backdrop is becoming less supportive. U.S. 10-year Treasury yields rose six basis points to 4.71% on Monday, dragging other government bonds down, while Brent crude held at $87.73 after a 5% jump on renewed U.S. pressure on Iran. Gold also climbed above $4,400. Higher oil prices feed directly into Wednesday's inflation data, and any upside surprise could reinforce expectations of higher-for-longer interest rates. Since digital assets are highly sensitive to liquidity conditions, a hotter CPI reading could trigger further downside, while a cool number might provide the spark needed for a breakout.
Market reactions are mixed. Some see the repeated defense of $65,000 as a sign of accumulation, while others worry that the lack of buying momentum portends a retest of lower supports. The mixed fund flowsâstrong inflows followed by an outflowâsuggest institutions are cautious but not bearish. On social media, retail sentiment is subdued, with many speculating about a move to $70,000 or a deeper correction. Overall, the mood is one of anticipation ahead of the CPI release.
Looking ahead, the immediate catalyst is Wednesday's U.S. inflation report at 8:30 a.m. ET. If the data comes in below forecast, bitcoin could finally break above $65,000 and challenge the $70,000 resistance zone, which also houses the 200-day moving average. Conversely, a hot print could send prices toward the low $60,000s or lower. Beyond the data, traders will monitor oil prices and Treasury yields, as well as any shifts in geopolitical tensions. For now, the path of least resistance remains upward, but only a decisive move above $70,000 would confirm a new bullish phase.
