XRP and Ether Weaken as Bitcoin Bulls Set Their Sights on $70,000

Bitcoin slipped further from the $65,000 threshold on Tuesday as investors turned cautious ahead of Wednesday’s U.S. inflation data. The cryptocurrency has now failed to sustain a move above $65,000 for four consecutive sessions, while a jump in oil prices has renewed concerns about inflation.

BTC traded around $64,000 after falling more than 1% over the previous 24 hours. It remained slightly higher over the past week, however, after briefly climbing above $65,300 before reversing lower during Asian trading.

Ether was the biggest decliner among major cryptocurrencies, dropping more than 2% to roughly $1,878. ETH was still marginally positive on the week. XRP fell close to 2% to around $1.01 and has shed nearly 6% over seven days, making it the weakest performer among the leading tokens.

Solana declined by less than 1% to below $76 but retained a weekly gain of around 3%. BNB eased to approximately $600 and remained up 2% over the week.

A few major tokens posted gains despite the broader weakness. Hyperliquid’s HYPE rose nearly 2% to about $55, Tron added slightly to around $0.33 and Dogecoin edged higher near $0.07.

Alex Kuptsikevich, chief market analyst at FxPro, said Bitcoin has repeatedly tested $65,000 without generating enough demand to push through the resistance.

He also noted that the market has not seen heavy selling at the level. Instead, the lack of profit-taking may suggest traders are building short positions above $65,000.

If Bitcoin can reclaim that resistance, $70,000 would become the next key target. The round-number level is close to the 200-day moving average, and a break above it could move BTC beyond the range that contained trading in March and April. Such a move could materially improve investor sentiment, Kuptsikevich said.

Market psychology remains cautious. The crypto sentiment index is at 30, indicating fear, and has remained in that territory since mid-July, occasionally moving toward extreme fear.

Oil Rally Raises Pressure Ahead of Inflation Data

Movements in traditional markets are adding to the uncertainty surrounding cryptocurrencies. The U.S. 10-year Treasury yield climbed six basis points Monday to 4.71%, while bond yields in Australia and New Zealand also moved higher. Treasury trading was closed during Asian hours because of a public holiday in Japan.

Brent crude was near $87.73 a barrel following a 5% surge Monday. Oil prices rose after President Donald Trump renewed demands involving Iran, reducing hopes of a near-term agreement to reopen the Strait of Hormuz.

Gold also extended its winning streak, rising for a third session and trading above $4,400 an ounce.

The rise in crude has increased the stakes for Wednesday’s U.S. inflation figures, scheduled for release at 8:30 a.m. ET. Higher energy costs could keep inflation elevated and reduce the likelihood of near-term rate cuts, potentially weighing on cryptocurrencies.

Bitcoin investment products had recently attracted strong demand. U.S. spot Bitcoin funds recorded roughly $865 million in inflows over the five sessions through Aug. 7. That momentum weakened Monday, when preliminary figures showed about $91 million in outflows.