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Bitcoin climbs above $64,000 while most majors slip
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- DeepHorus
Bitcoin climbed above $64,000 on Tuesday, rising over 1% on the day and marginally higher on the week, making it the only major cryptocurrency with a meaningful gain while the rest of the market drifted lower. Ether eased half a percent to just under $1,900, though it still holds an almost 1% weekly gain. XRP fell over 1% to just under $1 and is down over 2% on the week, the weakest of the group. Dogecoin dropped almost half a percent to 7 cents, while BNB and Tron slipped marginally to just over $600 and 33 cents respectively, and Solana was flat at just under $76.
Analysts noted that bitcoin remains trapped in a tight range, unable to break out decisively. Alex Kuptsikevich, chief market analyst at FxPro, said bitcoin has now spent four days below its 50-day moving average after an earlier attempt to break above it, and remains below its 200-week average on the longer view. This puts sellers in control on both the medium and very long-term trends, according to Kuptsikevich. He added that nothing changes until the price leaves the $62,000 to $65,000 range it has been stuck in.
Under the surface, bitcoin's network is undergoing significant structural changes. Publicly listed miners have cut their combined computing power by 21% over three quarters as they redeploy capacity to AI infrastructure, according to Miner Weekly. The shift is attributed to weak mining economics and competition from the AI sector for both capital and electricity. This move signals a broader transformation within the crypto mining industry, as companies diversify into high-growth technology sectors.
In a related development, Venice, the AI platform founded by serial crypto entrepreneur Erik Voorhees, announced it had crossed $100 million in annualised revenue. Its VVV token jumped 10% on the day to around $13.30, highlighting the growing intersection between crypto and AI. The news underscores how AI-related projects are gaining traction even as traditional crypto assets face headwinds.
The broader financial markets added to the cautious sentiment. Oil prices surged higher, with Brent rising over half a percent to just above $91 a barrel after President Donald Trump said he was not interested in extending the expiring agreement with Iran, and as fighting flared again in Lebanon. Asian bonds followed Treasuries lower on concerns about government finances, with higher energy prices adding to worries that inflation will pick up. Stocks and futures both fell, reflecting renewed risk aversion among investors.
Looking ahead, market participants are watching bitcoin's price action closely for a breakout. The $62,000 to $65,000 range remains the key battleground, and a move above or below could set the direction for the medium term. Meanwhile, the shift of mining capacity to AI is likely to continue, potentially altering the dynamics of bitcoin's hash rate and security. Analysts suggest that until clearer signals emerge, volatility may remain subdued.
This development fits into a larger trend of convergence between cryptocurrencies and artificial intelligence. As miners seek new revenue streams, and AI platforms leverage blockchain tokens, the two sectors are becoming increasingly intertwined. The success of Venice and the strategic pivot of miners highlight how innovation is driving evolution across digital assets. With macro uncertainties persisting, the crypto market remains at a crossroads, balancing internal shifts with external pressures from geopolitics and inflation.
