CoinDesk
Bitcoin ticked above $64,000 on Tuesday for a 1% daily gain, the only major cryptocurrency with a meaningful move as Ether, XRP, BNB, Tron, Solana and Dogecoin all slipped or held flat. The move was capped inside the $62,000-$65,000 range bitcoin has been trapped in for weeks, with the price now sitting four days below its 50-day moving average and below the 200-week average too. Hyperliquid's HYPE was the bright spot among smaller majors, up nearly 1% to about $59 and around 7.5% over the past week.
Why it matters
The tape tells two stories at once. On the surface, bitcoin looks like the relative safe haven, green on a day when altcoins drift and global risk trades badly. Underneath, the market structure has weakened: combined centralised exchange volumes fell 23.9% to $3.76 trillion in July, the lowest monthly print since November 2023, and U.S.-listed miners have cut their combined hashrate by 21% over the last three quarters as they redeploy power and capital toward AI infrastructure.
That hash exodus is the structural story. Cheap blocks and competition from data-center tenants for both capital and power have made mining economics unattractive on the margin, so the same publicly listed miners that once sold themselves as pure bitcoin plays are now selling compute to AI customers instead. Erik Voorhees's Venice said it crossed $100 million in annualised revenue on that thesis, and its VVV token jumped roughly 10% to about $13.30 on the same day.
Market impact
Macro pressure is compounding the bearish tape. Brent crude pushed 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, sending Asian bonds following Treasuries lower and pulling equities and futures down with them. Higher energy re-prices the inflation path bond desks were already nervous about.
For traders, the read is straightforward: bitcoin is range-bound until it leaves $62,000-$65,000, and that corridor now coincides with the 50-day moving average above and the 200-week average further up. A clean break either side sets the next directional leg.
Frequently asked questions
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Why is Bitcoin stuck between $62,000 and $65,000?
Analysts at FxPro say the price has spent four days below its 50-day moving average and remains below its 200-week average, leaving sellers in control of both the medium-term and long-term trends until the range breaks.
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How much hashrate have public bitcoin miners cut?
Publicly listed miners have shed about 21% of their combined computing power over three quarters, according to Miner Weekly, as they redeploy power and capital toward AI infrastructure and away from mining economics that no longer pencil out.
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What is the Venice AI platform and how did its token react?
Venice is an AI platform founded by crypto entrepreneur Erik Voorhees. After saying it crossed $100 million in annualised revenue on Tuesday, its VVV token jumped roughly 10% on the day to about $13.30.
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Why are oil prices pressuring bitcoin and broader markets?
Brent crude pushed above $91 a barrel after President Donald Trump signalled he would not extend the expiring agreement with Iran and as fighting flared again in Lebanon, lifting inflation worries and pulling Asian bonds and U.S. stocks lower.
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Is the migration of miner hashrate to AI bullish or bearish for bitcoin?
It is contested. Cheap blocks and competition for power and capital from AI customers make the migration rational on the margin, but the same trend slowly erodes the hashpower-on-network narrative bitcoin bulls have leaned on for years.
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