Bitcoin slipped back below $65,000 on Tuesday, marking the fourth straight session in which the cryptocurrency failed to sustain a move above that level. Renewed gains in oil prices have revived inflation concerns ahead of Wednesday’s U.S. inflation data.
BTC traded near $64,000, down more than 1% over the past 24 hours but still marginally higher for the week. It reached a session high slightly above $65,300 before retreating during the Asian afternoon.
Among the largest cryptocurrencies, ether posted the steepest decline, falling more than 2% to roughly $1,878. Despite the daily loss, ETH remains slightly positive over the past week. XRP dropped nearly 2% to around $1.01 and is down almost 6% over seven days, making it the weakest performer among the group.
Solana declined less than 1% to below $76 but remains up about 3% on the week, giving it the strongest weekly performance among the major tokens listed. BNB slipped to approximately $600 and is still holding a 2% weekly gain.
Not all large-cap tokens moved lower. Hyperliquid’s HYPE gained almost 2% to about $55, while Tron edged higher to roughly $0.33. Dogecoin also posted a small gain, trading near $0.07.
Alex Kuptsikevich, chief market analyst at FxPro, said Bitcoin has spent four consecutive days testing the $65,000 threshold without generating the buying momentum needed for a breakout.
He noted that the market has also avoided a major wave of selling near the level. Instead, the lack of aggressive selling could indicate that traders are accumulating short positions above $65,000.
The next major level could be $70,000, another psychologically important price point that sits close to Bitcoin’s 200-day moving average. Breaking through that area could carry BTC beyond the range that dominated trading in March and April, potentially producing a significant improvement in sentiment, Kuptsikevich said.
However, market confidence remains weak. The crypto sentiment index is currently at 30, placing it firmly in the fear zone. The measure has remained there since mid-July, occasionally moving closer to extreme fear.
Oil Rally Raises Inflation Concerns
Developments in traditional markets are also shaping the crypto backdrop. The U.S. 10-year Treasury yield climbed six basis points Monday to 4.71%, while government bond yields in Australia and New Zealand followed higher. Treasury trading was limited during Asian hours because markets in Japan were closed for a public holiday.
Brent crude was around $87.73 per barrel after gaining 5% in the previous session. The rally followed renewed pressure from President Donald Trump on Iran, reducing optimism over a potential agreement that could help reopen the Strait of Hormuz.
Gold also extended its recent advance, rising for a third consecutive session to trade above $4,400 per ounce.
The stronger oil market is particularly important ahead of Wednesday’s U.S. inflation release, due at 8:30 a.m. ET. Higher energy costs could feed into inflation, potentially making interest-rate cuts less likely and creating additional pressure for risk assets such as Bitcoin.
Bitcoin fund flows had recently provided support. U.S. spot Bitcoin ETFs recorded about $865 million in combined inflows during the five sessions through Aug. 7. That momentum weakened Monday, when preliminary figures showed approximately $91 million in net outflows.
