Bitcoin failed to stay above $65,000 for a fourth consecutive session as rising oil prices renewed inflation concerns ahead of Wednesday’s U.S. inflation report.
BTC slipped toward $64,000 on Tuesday, losing more than 1% over the day while remaining slightly higher on a weekly basis. The cryptocurrency briefly climbed above $65,300 over the previous 24 hours before giving up those gains during the Asian trading session.
Ether led losses among the major cryptocurrencies, falling more than 2% to around $1,878, although it remains modestly higher over the past seven days. XRP dropped nearly 2% to about $1.01 and has declined almost 6% this week, making it the weakest performer among the major tokens. Solana lost less than 1% to trade below $76 but remains the strongest weekly performer, up roughly 3%. BNB slipped to around $600 while maintaining a 2% weekly gain.
A handful of major tokens posted gains. Hyperliquid’s HYPE climbed nearly 2% to $55, Tron edged up to approximately $0.33, and Dogecoin was slightly higher at around $0.07.
Alex Kuptsikevich, chief market analyst at FxPro, said Bitcoin has repeatedly challenged $65,000 over the past four days but has failed to attract enough buying pressure to push decisively through the level.
He said the lack of aggressive selling around the resistance is also noteworthy, suggesting traders may be building short positions above $65,000 instead of existing holders simply taking profits.
If Bitcoin eventually breaks higher, $70,000 could become the next major target. The round-number level is also close to the 200-day moving average. A sustained move above it would take BTC beyond the trading range that dominated market activity during March and April, which Kuptsikevich said could significantly improve market sentiment.
For now, investor confidence remains subdued. The crypto sentiment index is at 30, placing the market in the “fear” category. The indicator has remained in that zone since mid-July, with occasional moves toward extreme fear.
Oil and Treasury Yields Pressure Risk Assets
Broader financial markets are also being influenced by movements in bonds and crude oil. The U.S. 10-year Treasury yield increased six basis points Monday to 4.71%, while government bond yields in Australia and New Zealand also moved higher. U.S. Treasury trading was closed during Asian hours because of a public holiday in Japan.
Brent crude was holding near $87.73 per barrel after surging 5% Monday. The jump followed fresh demands from President Donald Trump directed at Iran, which reduced expectations for an agreement that could facilitate the reopening of the Strait of Hormuz.
Gold extended its advance for a third consecutive session, trading above $4,400 per ounce.
The rise in oil prices has heightened attention ahead of Wednesday’s U.S. inflation figures, scheduled for release at 8:30 a.m. ET. Higher energy costs can contribute to stronger inflation, potentially reducing expectations for interest-rate cuts and weighing on assets such as cryptocurrencies that tend to benefit from easier monetary conditions.
Capital flows into Bitcoin investment products had recently been supportive. U.S. spot Bitcoin funds recorded approximately $865 million in net inflows over the five sessions through Aug. 7. That trend reversed Monday, when preliminary data showed around $91 million in outflows.
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