The crypto market moved lower on Tuesday, with XRP and Ether leading declines among major assets. Bitcoin fell more than 1% to around $64,000 after failing to hold above $65,000 for the fourt
The crypto market moved lower on Tuesday, with XRP and Ether leading declines among major assets. Bitcoin fell more than 1% to around $64,000 after failing to hold above $65,000 for the fourth consecutive day, although it remained slightly higher over the past seven days.
Bitcoin briefly climbed above $65,300 over the past 24 hours before pulling back. Ether was the weakest major asset, falling more than 2% to around $1,878, while XRP dropped nearly 2% to around $1.01 and was down almost 6% over the past seven days. Solana slipped less than 1% to around $76 but remained up about 3% for the week. BNB also fell to around $600, although it was still up roughly 2% over seven days.
If Bitcoin manages to break above $65,000, the $70,000 level could become the next area traders watch. The level sits near the 200-day moving average and was also a key area when Bitcoin traded within a similar range in March and April. A move above $70,000 could significantly improve market sentiment, although traders remain cautious for now.
The crypto sentiment index stood at 30, placing the market in the fear zone. It has remained in that zone since mid-July, with occasional moves toward extreme fear. The reading reflects limited risk appetite as crypto markets continue to face pressure from broader macroeconomic conditions.
Rising oil prices have become another factor weighing on risk assets. Brent crude held around $87.73 per barrel after jumping about 5% on Monday. Higher oil prices could add to inflationary pressures ahead of Wednesday's U.S. consumer price data.
Pressure was also visible in the bond market. The U.S. 10-year Treasury yield rose six basis points to 4.71% on Monday. Higher yields can weigh on risk assets as traders reassess the outlook for interest rates and monetary policy.
Meanwhile, flows into U.S. spot Bitcoin ETFs have started to reverse after a period of strong inflows. The funds recorded about $865 million in inflows over five sessions through Aug. 7 before posting a provisional $91 million outflow on Monday.
With XRP and Ether under pressure and Bitcoin still struggling to hold $65,000, traders are now waiting for U.S. inflation data as the next major catalyst. If the data eases inflation concerns and Bitcoin manages to break above $65,000, the $70,000 level could become the market's next key target.
Instagram : @asetqu_official
Tiktok : @asetqu_official
Twitter : @AsetQu_Official
