Bitcoin Breaks Through $64K Barrier Amid Mixed Market
Bitcoin's price broke through the $64K barrier on Tuesday, August 18, as it outperformed several major altcoins in a mixed market. The leading cryptocurrency traded at approximately $64,262, marking a 1.2% increase over the past 24 hours and a 0.5% gain over the week.
The price movement was driven by a combination of factors, including the broader market's mixed performance and the impact of rising oil prices on traditional risk markets. Brent crude rose to around $91.76 per barrel due to concerns about supply disruptions in the Strait of Hormuz.
Despite this, Bitcoin showed short-term relative strength against equities and bonds. The immediate price levels to watch are between $65,000 and $66,000 on the upside and $62,000 to $63,000 on the downside.
The market's momentum remains neutral, with Bitcoin's 200-week simple moving average acting as a key support level. Analysts like Rekt Capital have warned that turning this average into resistance could confirm deeper downside for the cryptocurrency.