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 to above $59 and has gained 7.5% over the past week, the strongest performance among major altcoins.
- Alex Kuptsikevich said it is difficult to view Bitcoin as having entered a trend reversal until it breaks out of the $62,000-to-$65,000 range, adding that it remains below its 200-week moving average and that sellers still dominate the medium- to long-term trend.
Forecast Trend Report by Period
Bitcoin climbed back above $64,000, showing relative strength against 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 fallen more than 2% over the past week.
Dogecoin slipped about 0.5% to $0.07. BNB and TRX 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 outperformed. It rose about 1% from a day earlier to above $59 and has gained 7.5% over the past week, the biggest increase among major altcoins.
Caution remains over whether Bitcoin has entered a trend reversal. Alex Kuptsikevich, chief market analyst at FxPro, said Bitcoin had attempted to break above its 50-day moving average but has stayed below that level for four straight trading sessions. It also remains below its 200-week moving average, indicating sellers still dominate the medium- to long-term trend.
Kuptsikevich said it is hard to call this a clear shift in direction 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 also accelerating. Miner Weekly reported that the combined computing power of publicly traded Bitcoin mining companies fell 21% over the past three quarters. The decline was attributed to weaker mining profitability and intensifying competition with the AI industry for capital and power, prompting 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 gained more than 0.5% to above $91 a barrel after US President Donald Trump said he had no interest in extending an agreement with Iran.
