Bitcoin slipped below $64,000 on Aug. 11 as traders trimmed risk ahead of fresh U.S. inflation data and rising oil prices revived concerns over the Federal Reserve's rate path. Ether and XRP led losses among large-cap tokens, while a handful of altcoins moved higher. U.S. spot Bitcoin ETFs snapped a five-day inflow streak with $144.6 million in net outflows.
Bitcoin traded near $63,855, down about 1.6% over 24 hours, after making several unsuccessful attempts to establish support above $65,000. The pullback follows a short recovery that took Bitcoin above $65,300 on Monday, driven by weaker U.S. employment data that had eased expectations for tighter monetary policy. Attention has now shifted to inflation and energy prices.
Bitcoin tests $65,000 without a breakout
Bitcoin has tested the $65,000 area for four consecutive days without sustaining a move above it. A recent short-term holder analysis placed the average acquisition price for newer holders at $67,523, meaning the token remains below a level where some investors could look to exit near breakeven. Support has recently formed around $63,000 to $64,000.
Ether and XRP lead losses as altcoins split
Ether traded at about $1,871, down 2.8% over 24 hours, while XRP fell 3.1% to near $1.00 and was down more than 6% over seven days. Solana declined about 1% to $75.78, and BNB slipped 1% to roughly $599.
Performance was not uniformly negative. Hyperliquid rose about 2.4% to $55.25. Chainlink gained 2% to $8.43. Dogecoin added roughly 0.5% around $0.07. Cardano lost 4.8% among the day's steepest declines.
Oil and CPI become the next macro test
Brent crude held around $87.81 on Tuesday after gaining more than 5% in the previous session, as hopes for an agreement between Washington and Tehran weakened. Higher energy prices can feed into inflation expectations and affect the outlook for U.S. interest rates. The Bureau of Labor Statistics confirms that July CPI will be released Wednesday, Aug. 12, at 8:30 a.m. ET. The 10-year Treasury yield rose toward 4.7% alongside oil on Monday, creating another hurdle for Bitcoin and other cryptocurrencies ahead of the release.
ETF flows turn negative after a strong week
U.S. spot Bitcoin ETFs recorded five consecutive positive sessions from Aug. 3 through Aug. 7, attracting $865.3 million according to Farside Investors. That streak ended Monday with $144.6 million in net withdrawals, including $53.6 million from BlackRock's IBIT and $52 million from Grayscale's GBTC. Separately, the Senate pushed its CLARITY Act vote into September after lawmakers failed to resolve disagreements before the August recess.
Bitcoin needs to reclaim $65,000 before the $67,500 to $70,000 region becomes relevant again. A move below the recent $63,000 area would instead put the market's latest recovery under greater pressure.
Source: crypto.news
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