XRP slide deepens as bitcoin stalls near $65,000; $70,000 eyed
Bitcoin slipped to around $64,000 after a fourth failed attempt to hold $65,000, keeping broader crypto sentiment weak. Traders are watching a potential next inflection point at $70,000, near bitcoin’s 200-day moving average.
In the majors, ether fell more than 2% to about $1,878. XRP led losses, dropping nearly 2% to around $1.01 and sliding almost 6% on the week—the worst performer among large caps. Solana eased under 1% to roughly $76 but still leads on the week, while BNB slipped to about $600 with a modest weekly gain.
Market analyst Alex Kuptsikevich (FxPro) said price action around $65,000 lacked a clear buy surge, suggesting a build-up of short positions above that level rather than simple profit-taking. If bitcoin can clear $70,000, sentiment could shift meaningfully; if it fails, downside pressure may persist. The crypto sentiment index remains in the “fear zone” (around 30), where it has lingered since mid-July.
Macro factors are weighing on risk assets: U.S. 10-year Treasury yields rose to about 4.71%, and Brent crude jumped to around $87.73 before Wednesday’s U.S. inflation data. Higher oil can lift inflation expectations, supporting yields and pressuring assets that typically struggle when rates rise. Coincidentally, U.S. spot bitcoin funds saw earlier inflows totaling about $865 million over five sessions through Aug. 7, followed by a provisional outflow of about $91 million on Monday.
For traders, XRP’s weakness reinforces caution while bitcoin’s $65,000–$70,000 range becomes the key trading battleground.
Bearish
The news is bearish for traders because XRP weakness is occurring alongside bitcoin failing to break above $65,000. The article highlights a “fear zone” sentiment reading and points to a build-up of short positions above $65,000—conditions that often precede further downside or volatile consolidation until a higher-level breakout occurs.
Key trading levels matter here. Bitcoin is repeatedly rejected near $65,000; $70,000 (near the 200-day moving average) is framed as the next catalyst. When markets repeatedly test a support/resistance band and fail without strong spot demand, traders typically reduce longs and wait for confirmation.
Macro drivers add risk: rising U.S. Treasury yields and a rebound in oil increase the probability of “higher for longer” rates, which historically pressures crypto beta in the short term—especially ahead of U.S. inflation data. Similar setups have often produced either a continued risk-off tape or sharp intraday swings around the data.
However, there’s a conditional upside scenario. If bitcoin finally clears $70,000, shorts could be squeezed and sentiment could improve quickly, potentially lifting XRP as well. Long-term, the mention of prior U.S. spot bitcoin inflows suggests structural demand still exists, but the near-term tape looks heavy until macro uncertainty resolves.