Bitcoin Slips to $64,000 as Traders Eye $70,000 Breakout Next

Bitcoin slipped to near $64,000 on Tuesday, down more than 1% on the day though still marginally higher for the week, after failing for a fourth consecutive session to hold above $65,000. The token touched a 24-hour high just above $65,300 before sliding through the Asian afternoon. The pullback coincided with a jump in oil prices that revived inflation concerns just two days before Wednesday’s U.S. Consumer Price Index release, due at 8:30 a.m. ET.

Ether and XRP Lead Broad Declines

Ether was the weakest major token, falling more than 2% to $1,878, though it remains slightly higher over the past seven days. XRP dropped nearly 2% to $1.01 and is down almost 6% on the week, the worst performance among major tokens by a wide margin. Solana eased under 1% to $76 but still leads the week with a 3% gain, while BNB slipped to $600 while holding a 2% weekly advance.

Three tokens moved against the broader trend. Hyperliquid’s HYPE rose almost 2% to $55, Tron gained slightly to 33 cents, and dogecoin ticked marginally higher to 7 cents.

Bitcoin Builds Toward a $70,000 Test

Alex Kuptsikevich, chief market analyst at FxPro, said bitcoin has spent four straight sessions testing $65,000 without any accompanying surge in buying pressure as it approaches the round-number level. He noted the equally notable absence of selling pressure into that resistance, which he interpreted as evidence of “a build-up of short positions well above this level” rather than existing holders locking in profits.

That dynamic makes $70,000 the next level worth watching, another round number that sits close to bitcoin’s 200-day moving average. Clearing it would push bitcoin above the range where buyers and sellers fought for control during March and April, a move Kuptsikevich said would meaningfully shift market sentiment. Traders aren’t there yet: the crypto Fear and Greed Index has held in the fear zone near 30 since mid-July, with occasional dips into extreme fear.

Broader markets set an uneasy backdrop for the pause. The 10-year Treasury yield rose six basis points Monday to 4.71%, dragging Australian and New Zealand government bonds lower with it; cash Treasury trading was closed during Asian hours because of a public holiday in Japan. Brent crude held at $87.73 a barrel after jumping 5% on Monday, when President Trump issued fresh demands on Iran and dimmed hopes for a deal to reopen the Strait of Hormuz. Gold extended its advance for a third straight session, trading above $4,400 an ounce.

• Higher oil prices feed directly into Wednesday’s inflation data, which is why the rally has weighed on assets that typically perform better when interest rate increases look less likely
• U.S. spot bitcoin ETFs took in $865 million across five sessions through August 7, before recording a provisional outflow of $91 million on Monday

Conclusion

Bitcoin’s fourth failed attempt at $65,000 reflects a market caught between a genuine short-position buildup above current levels and a fresh inflation scare driven by oil rather than by domestic economic weakness. Wednesday’s CPI print now carries outsized weight: a soft reading would likely validate the case for renewed buying toward $70,000, while a hot number would hand short sellers the vindication their positioning already implies. Until that data lands, bitcoin is likely to keep testing $65,000 from below without the conviction needed to clear it.