Bitcoin was above $63,000 in Asian trading hours on Monday 17 August as the cryptocurrency market started off the week slowly.
Bitcoin was trading around the $63,460 level during early Asia hours, a 24-hour gain of 0.8% but a week-to-date fall of around 2.7% with a market valuation of $1.27 trillion. The broader digital asset market cap was around $2.24 trillion, with Bitcoin’s market dominance at about 57%.
Despite the jump, Bitcoin has since pulled back from the week’s high of $65,400, dipping below $62,500 Friday after finding support over the weekend. Ethereum moved in lockstep, hovering near $1,900.64, up 1% on the day but down 0.8% over the week. XRP▲$1.13 reached about $1.00, Solana was at $75.47, and BNB▲$572.56 was around $604.63. TRON and Dogecoin also posted minor daily increases.
Institutional flows were also negative, with U.S. spot Bitcoin ETFs seeing $390 million in net outflows between August 10 and August 14, including $153 million flowing out of Fidelity’s FBTC.
Spot Ethereum ETFs recorded their smallest weekly net outflow at $2.26 million. This was following five consecutive weeks of inflows into Bitcoin funds amounting to $853.5 million.
Trading protocol Hyperliquid’s HYPE▲$70.78 token was among the strongest large-cap tokens that day, trading at $58.81 after a 24-hour jump of 3.4% and a seven-day rise of 8.7%. LINK▲$7.97 rose 15.7% from the week prior, trading at roughly $9.45. Monero showed gains of 4.9% for the week to a price of about $413.84.
HYPE price strength followed renewed interest in Hyperliquid as analysts found $169 million in revenue in the second quarter and $141 million in token buybacks.
Further down the top 100, Bitway gained 22.3%, Ether.fi gained 7.9%, while Stable, Quant and Canton lost 3.7%, 3.6% and 2.7%. Uniswap gained 1.3% on Monday, despite being down 18.4% for the week, and having been one of the larger cap tokens that had dropped the most over the week.
On the technical side, BTC▲$62,630.00 failed to break through the $65,000-$66,000 resistance, and the $60,000 area remains the main level of support. The Aroon Oscillator was at 42.86, indicating weak bullish momentum in the short-term while the MACD was bearish and suggesting the rally might not be enough to confirm a change of trend.
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But macro events can dictate the next move. The Fed will release the minutes of its July 28-29 meeting on Aug. 19. The officials voted 9-3 to keep the target range for federal funds at 3.5%-3.75%, with three voting for raising the rate by a quarter percentage point.
Cryptocurrency executives and trade groups, including those from Coinbase and Ripple, are expected to attend a White House meeting on digital asset policy on Aug. 19.
Thus, Bitcoin will enter the new week of trading trying to reclaim the $64,000 area as it has yet to break above its latest cycle high around that price zone. Bitcoin needs to break above $65,000-$66,000 to confirm a solid recovery.
Read More: XRP at a Crossroads: Why Institutional Adoption Is Growing While the Token Struggles
If we break below $60,000, the downside risk grows. For now, LINK, HYPE, and XMR▲$323.54 are the remaining clear outperformers. Traders also eye institutional flows, key technical resistance, and U.S. policy.
