- Bitcoin has successfully regained the $64,000 mark, emerging as the sole major cryptocurrency to show a significant increase.
- Hyperliquid (HYPE) experienced a rise of approximately 1% from the previous day and an impressive 7.5% over the last week, representing the most notable growth among key altcoins.
- Market analyst Alex Kuptsikevich noted that Bitcoin is currently below its 50-day and 200-week moving averages. He emphasized that a breakout from the $62,000 to $65,000 range is essential for any clear directional shift.
Periodical Trend Forecast Report
Bitcoin has successfully reclaimed the $64,000 milestone, leading the pack among major cryptocurrencies.
According to CoinDesk on August 18, Bitcoin was trading above $64,000, reflecting an increase of over 1% from the previous day. It also showed a slight weekly gain, distinguishing it as the only major cryptocurrency with a significant advancement.
In contrast, Ether decreased by roughly 0.5%, dropping just below $1,900. XRP plummeted over 1%, falling under $1, and has experienced a decline of more than 2% within the past week.
Dogecoin saw a decline of approximately 0.5%, settling at $0.07. Both BNB and Tron saw modest decreases, trading at the low $600s and around $0.33, respectively, while Solana remained relatively steady at just under $76.
On the other hand, Hyperliquid’s HYPE token exhibited notable strength, increasing by about 1% from the previous day to surpass $59 and advancing 7.5% throughout the past week, the largest gain among leading altcoins.
Concerns linger regarding the potential for Bitcoin to reverse its current trend. Alex Kuptsikevich, chief market analyst at FxPro, pointed out that Bitcoin previously attempted to surpass its 50-day moving average but has consistently stayed below it for four trading sessions. Additionally, it remains below the 200-week moving average, suggesting that sellers continue to dominate the medium- to long-term outlook.
Kuptsikevich stated that it is challenging to identify a clear directional change until Bitcoin breaks through the established $62,000 to $65,000 range.
In the Bitcoin mining sector, there is a notable shift towards integrating artificial intelligence infrastructure. Reports from Miner Weekly indicate that the collective computing power of publicly traded Bitcoin miners has declined by 21% over the last three quarters. This reduction is largely due to diminishing mining profitability and increasing competition with the AI sector for resources, prompting some miners to repurpose existing equipment for AI use.
In contrast to the cryptocurrency landscape, global oil prices have risen as geopolitical tensions in the Middle East persist. Brent crude oil prices increased by over 0.5%, reaching above $91 per barrel, following U.S. President Donald Trump’s statements indicating no desire to extend a deal with Iran.