Bitcoin Tests $65,000 Again as Traders Eye $70,000 Next
Bitcoin slipped to near $64,000 on Tuesday after failing to hold above $65,000 for a fourth straight day. Despite being down over 1% on the day, it remains marginally higher on the week.
Ethereum was the weakest major cryptocurrency, dropping by over 2% to $1,878. XRP fell almost 2% to $1.01 and is down nearly 6% on the week, making it the worst performer among the group.
Alex Kuptsikevich, chief market analyst at FxPro, noted that bitcoin has been testing the $65,000 level without a surge in buying, but instead a build-up of short positions well above this level. He believes that clearing the next round number of $70,000 could shift sentiment meaningfully and put bitcoin above its recent trading range.
Traders are not yet at that point, with the crypto sentiment index sitting at 30, indicating fear in the market. The index has stayed in the fear zone since mid-July with occasional dips toward extreme fear.