Bitcoin Breaks Through $64,000 Barrier Amid Bearish Trend

Bitcoin has broken through the $64,000 mark, posting a gain of over 1% and bucking the trend among major cryptocurrencies. While most others, including XRP, Dogecoin, and Binance Coin, have seen minor drops or remained flat, Bitcoin stands out for its solid growth this week.

Ethereum also saw a small dip but still holds an almost 1% weekly gain. However, the price of Bitcoin is stuck in a narrow range between $62,000 and $65,000, according to analyst Alex Kuptsikevich from FxPro. To shake off the bearish trend, Bitcoin needs to break out of this current price range.

It's worth noting that public Bitcoin miners have reduced their computing power by 21% over the past nine months due to falling mining profits and increasing competition from AI projects.