Summary
- Bitcoin reclaimed the $64,000 level and was the only major cryptocurrency to post a meaningful gain.
- Hyperliquid (HYPE) rose about 1% from a day earlier and 7.5% over the past week, marking the strongest advance among major altcoins.
- Alex Kuptsikevich said Bitcoin remains below its 50-day and 200-week moving averages, and that a break out of the $62,000-to-$65,000 range is needed before a clear shift in direction can be expected.
Forecast Trend Report by Period
Bitcoin reclaimed the $64,000 level, outperforming other major cryptocurrencies.
CoinDesk reported on Aug. 18 that Bitcoin was trading above $64,000, up more than 1% from a day earlier. It also posted a slight weekly gain, making it the only major cryptocurrency to record a meaningful advance.
Ether fell about 0.5% to just below $1,900. XRP dropped more than 1% to below $1 and has lost more than 2% over the past week.
Dogecoin slipped about 0.5% to $0.07. BNB and Tron also edged lower, trading in the low $600s and around $0.33, respectively. Solana was little changed at just under $76.
Hyperliquid's HYPE token also showed relative strength. It rose about 1% from a day earlier to above $59 and is up 7.5% over the past week, the biggest gain among major altcoins.
Caution remains over whether Bitcoin has entered a trend reversal. Alex Kuptsikevich, chief market analyst at FxPro, said Bitcoin had earlier attempted to break above its 50-day moving average but has stayed below that level for four consecutive trading sessions. It also remains below its 200-week moving average, indicating sellers still have the upper hand over the medium- to long-term trend.
Kuptsikevich said it is difficult to call a clear directional shift until Bitcoin breaks out of the recently formed $62,000-to-$65,000 range.
In the Bitcoin mining industry, a shift toward artificial intelligence infrastructure is accelerating. Miner Weekly said the combined computing power of publicly traded Bitcoin miners has fallen 21% over the past three quarters. The drop is attributed to weakening mining profitability and intensifying competition with the AI industry for capital and power, leading some miners to redeploy existing equipment to AI infrastructure.
Unlike the crypto market, international oil prices rose as geopolitical tensions in the Middle East persisted. Brent crude climbed more than 0.5% to above $91 a barrel after U.S. President Donald Trump said he had no interest in extending an agreement with Iran.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.