Bitcoin Tops $64,000 as Rivals Lose Ground

On Tuesday, Bitcoin climbed past $64,000, gaining over 1% daily and showing a slight weekly increase. It was the only major cryptocurrency to record a significant rise, while the broader market experienced declines.

Ether declined by half a percent to slightly below $1,900, despite maintaining a nearly 1% gain for the week. XRP dropped more than 1% to just under $1, marking a over 2% weekly loss, the poorest performance among majors. Dogecoin fell almost 0.5% to 7 cents, while BNB and Tron both edged down marginally to around $600 and $0.33 respectively. Solana remained unchanged at approximately $76.

Among the smaller major cryptocurrencies, Hyperliquid’s HYPE stood out, rising nearly 1% to just above $59 and achieving a 7.5% gain over the past week, the most robust weekly performance.

According to Alex Kuptsikevich, chief market analyst at FxPro, Bitcoin has remained below its 50-day moving average for four consecutive days following a previous attempt to surpass it. On a longer-term basis, it also stays below the 200-week average. This indicates that sellers dominate both the medium and very long-term trends, he noted. The situation remains unchanged until Bitcoin breaks out of the $62,000 to $65,000 range where it has been confined.

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