Bitcoin climbed above $64,000 on Tuesday, up over 1% on the day and marginally higher on the week, standing as the only major cryptocurrency with a meaningful gain while the rest of the market drifted lower. The price action reflects a market still searching for direction after weeks of range-bound trading.
Market Overview
Ether eased half a percent to just under $1,900, though it held an almost 1% weekly gain. XRP fell over 1% to just under $1 and was down over 2% on the week, making it the weakest performer among the group. Dogecoin dropped nearly half a percent to 7 cents, while BNB and Tron both slipped marginally to just over $600 and 33 cents respectively. Solana was flat at just under $76.
Hyperliquid's HYPE token was the exception among smaller majors, rising almost 1% to just over $59 and posting a 7.5% gain over seven days — by far the strongest weekly performance across the board.
Technical Picture Keeps Sellers in Control
Alex Kuptsikevich, chief market analyst at FxPro, noted that bitcoin has now spent four days below its 50-day moving average after an earlier attempt to break above it failed. On the longer-term view, the cryptocurrency remains below its 200-week average. That puts sellers in control on both the medium and very long-term trends, Kuptsikevich said, and nothing changes until the price breaks out of the $62,000 to $65,000 range it has been trapped in.
Miners Repivot Toward AI
Bitcoin's own network is changing shape underneath the price. Publicly listed miners have cut their combined computing power by 21% over three quarters as they redeploy capacity to AI infrastructure, according to Miner Weekly. The shift reflects weak mining economics and intensifying competition from the AI sector for both capital and electricity.
The trend underscores a broader reallocation of energy and computing resources across the digital economy. As AI workloads prove more profitable than bitcoin mining at current hashprices, miners are increasingly treating their facilities as flexible infrastructure that can serve either blockchain validation or AI training and inference.
Venice AI Platform Crosses $100 Million Revenue Mark
Venice, the AI platform founded by serial crypto entrepreneur Erik Voorhees, said it had crossed $100 million in annualised revenue. Its VVV token rose 10% on the day to around $13.30, making it one of the strongest-performing tokens in the market. The milestone highlights the growing intersection of AI and crypto, where decentralized platforms are beginning to compete with centralized alternatives on revenue generation.
Oil Pressure Adds to Macro Headwinds
Brent crude rose over half a percent to just above $91 a barrel after President Donald Trump said he was not interested in extending the expiring agreement with Iran, and as fighting flared again in Lebanon. Asian bonds followed Treasuries lower on concerns about government finances, with higher energy prices adding to worries that inflation could pick up. Stocks and futures both fell.
The oil-price risk has capped crypto markets throughout the summer, and renewed geopolitical tension threatens to keep risk assets under pressure. For bitcoin bulls, the hope is that softening economic data will eventually force the Federal Reserve's hand, but until then, the $62,000 to $65,000 range remains the defining feature of the market.
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