Bitcoin slipped below the critical $64,000 mark on August 11, trading near $63,855 following multiple failed attempts to hold ground above $65,000. The broader cryptocurrency market experienced a synchronized pullback led by major altcoins, as macro uncertainty and rising energy prices weighed heavily on investor sentiment ahead of upcoming US inflation data.
The ongoing weakness leaves Bitcoin trading under the average acquisition price of recent short-term holders ($67,523), creating a potential supply overhang from investors looking to exit near breakeven levels. Immediate technical support has settled between $63,000 and $64,000.
Altcoins Diverge as Ether and XRP Lead Losses
Major digital assets posted notable declines alongside the market leader. Ether (ETH) fell 2.8% to approximately $1,871, while XRP dropped 3.1% to near $1.00, bringing its seven-day losses to over 6%. Solana (SOL) and BNB each slid roughly 1%, trading at $75.78 and $599, respectively.
Despite top-tier market weakness, select altcoins demonstrated independent strength. Internet Computer (ICP) advanced 8.3%, Hyperliquid (HYPE) gained 2.4% to $55.25, and Chainlink (LINK) added 2% to trade at $8.43. This divergence suggests traders remain willing to engage in tactical altcoin exposure, even as larger market-cap assets consolidate.
Macro Headwinds: Oil Surges Ahead of US CPI
Rising energy costs have re-emerged as a core macroeconomic risk for crypto assets. Brent crude held near $87.81 per barrel following a 5% surge, spurred by stalled negotiations between Washington and Tehran regarding the Strait of Hormuz. High oil prices threaten to reignite consumer inflation expectations and alter the Federal Reserve’s interest rate outlook.
The market tension comes directly ahead of the US Bureau of Labor Statistics’ July Consumer Price Index (CPI) report, scheduled for release on Wednesday, August 12, at 8:30 a.m. ET. In response to rising oil and sticky inflation expectations, the benchmark US 10-year Treasury yield rose toward 4.7%, raising yields on low-risk assets and competing directly with non-yielding crypto investments.
Institutional ETF Inflow Streak Snapped
Institutional capital flows reflected the broader market caution. US spot Bitcoin ETFs recorded $144.6 million in net outflows on Monday, August 10, snapping a five-day positive inflow streak that had attracted over $865 million between August 3 and August 7.
Data from Farside Investors indicates that withdrawals were led by BlackRock’s IBIT ($53.6 million) and Grayscale’s GBTC ($52 million). Regulatory momentum has also stalled in Washington, as the US Senate postponed its scheduled vote on the CLARITY Act until September following unresolved debate ahead of the August recess.
Near-term price action remains tied to Wednesday’s CPI reading. A hawkish inflation report could force Bitcoin to test support below $63,000, whereas a softer reading is likely necessary for the asset to reclaim $65,000 and challenge resistance between $67,500 and $70,000.
Disclaimer: CoinScreamer is an independent media brand owned and operated by NuvexMedia LLC, publishing news, research, and market insights on digital assets and related technologies. NuvexMedia LLC invests in and collaborates with companies across the digital asset, blockchain, and technology sectors. These relationships do not influence CoinScreamer’s editorial coverage, and the publication maintains full editorial independence to provide accurate, timely, and objective information. © 2025 NuvexMedia LLC. All rights reserved. This content is for informational purposes only and should not be considered legal, tax, investment, financial, or other professional advice.
