Bitcoin (BTC) Crosses $65,000, Ethereum (ETH) Eyes Possible Breakout, Markets Face Crucial Week

Bitcoin (BTC) briefly crossed $65,000 early on Monday, holding its gains over the weekend and reporting an increase of nearly 4% over the past week. Bulls defended key levels during last week’s pullback, but the flagship cryptocurrency remains well below its 100-day EMA at $66,905.

Ethereum (ETH) and Ripple (XRP) are also showing positive signs. ETH is up 3.60% over the past seven days, while XRP held above $1, posting a marginal recovery after a significant 5% decline.

Bitcoin (BTC) Above $65,000

Bitcoin (BTC) closed July with a substantial decline of almost 3% to $62,825. The price rebounded on Sunday (August 2) to reclaim $63,000 but registered another substantial decline on Monday ($62,743) before rebounding to $63,466 as buyers and sellers struggled to exert influence. Buyers gained control on Tuesday, and the flagship cryptocurrency reached $64,891 on Friday (August 7), driven by a weaker-than-expected jobs report that eased concerns about another interest rate hike. CoinGlass data shows Spot Bitcoin ETFs also registered substantial inflows, supporting price action, while whale accumulation provided support.

BTC is currently trading above $65,000, above the 50-day EMA. However, it remains below the 100 and 200-day EMAs, suggesting near-term strength within a larger downtrend. The Relative Strength Index (RSI) sits between 50 and 55, suggesting a slight bullish bias, while the Moving Average Convergence Divergence (MACD) indicates a gradual build-up of buying pressure.

BTC continues to face resistance at the 100 and 200-day EMAs. A close above these levels could suggest the market is entering a long-term bullish trend. On the other hand, if BTC loses the $64,000 level, it could start a deeper correction, taking the price closer to $60,000. A drop below this level could trigger liquidations and spark marketwide panic.

Markets Positive

Ethereum (ETH) and other cryptocurrencies also traded in positive territory, with the exception of Ripple (XRP), which is down 3% over the past week. ETH crossed $1,900 last week, reaching a day high of $1,932 on August 7. The world’s second-largest cryptocurrency is currently trading at $1,925, just above its 100-day EMA of $1,924. A decisive close above this level could fuel a push towards $2,000, a level not seen since May 2026. BNB is up nearly 4% over the past week, while Solana (SOL) is up almost 6% as it continues building momentum. The overall crypto market cap is also positive, up 0.32% to $2.21 trillion, according to data from CoinMarketCap.

Traditional markets also traded in positive territory, with the MSCI All Country World Index rising 0.1%. Japan’s Nikkei and South Korea’s Kospi also recorded substantial gains, while a softer-than-expected jobs report pushed the S&P 500 to record levels. Among chipmakers, Taiwan Semiconductor and SK Hynix also recorded positive movement.

Brent briefly crossed $84 before a marginal decline to $83.60 after US-Iran talks to reopen the Strait of Hormuz bore little fruit. Meanwhile, the US Dollar strengthened against other major global currencies, and the 10-year yield reached 4.66%.

A Closer Look At Ripple (XRP) Price Action

Ripple (XRP) has seen substantial movement over the past week. The altcoin recorded a sharp decline last week, falling over 5%. However, it held above $1 and made a marginal recovery over the weekend. XRP is currently trading around $1.03, well below the 50-day EMA at $1.10, which is acting as the immediate resistance. The RSI is around 39, while the MACD is negative, indicating a near-term bearish bias. XRP has strong support at $1, a level where buyers could step in and stop the downtrend.

A Crucial Week

A wave of market data is due this week, starting with Wednesday’s Consumer Price Report (CPI) data following Friday’s jobs report. The data could help gauge whether the market has withstood geopolitical headwinds after a noticeable improvement in June. CPI fell in June, but the resumption of conflicts in the Middle East could impact the July report. Energy prices have risen again after oil shipments through the State of Hormuz and the Bab el-Mandeb were impacted, pressuring the price of other goods as well.

Producer Price Index (PPI) data is due on Thursday. PPI numbers were higher than expected in May but declined in June. An increase could indicate that prices will rise as businesses pass rising expenses to consumers. Weekly jobless claim data is due Thursday, while retail and consumer sentiment data is expected on Friday.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.