Bitcoin (BTC) traded near $65,200 on Monday, marking a 3.7% increase for the week, according to CoinDesk data. The price fluctuated between $64,700 and $65,300 within the last 24 hours, and reached a new August high by Sunday's weekly close. At one point, Bitcoin was reported at $65,209, up 0.54% since midnight UTC.
Bitcoin's approximate trading price on Monday, reflecting a 3.7% weekly gain.
The total cryptocurrency market capitalization reached $2.3 trillion, a slight increase of 0.28%. Ether (ETH) traded near $1,925, gaining 0.86%, while BNB, Solana, and TRON all posted weekly gains. BNB rose nearly 3% for the week. XRP was the only major cryptocurrency that did not end the week in positive territory.
In the broader market, the US Senate failed to pass the CLARITY Act before its August recess, securing only 51 of the 60 votes needed. Action on the legislation has been pushed to September 14 at the earliest.
Spot Bitcoin ETFs saw a net inflow of $853.54 million last week, the strongest weekly performance since mid-April. The US Consumer Price Index (CPI) is due on Wednesday, and the Producer Price Index (PPI) on Thursday. CME Group's FedWatch Tool showed a 56% chance of a Federal Reserve interest-rate pause as of Monday.
Analysts pointed to key levels and geopolitical factors. Michaël van de Poppe, a crypto trader, identified $65,800 as the key target for bulls to break through. Andrew Kamsky, a contributor to onchain analytics platform CryptoQuant, suggested a possible upside target of $72,000. The 50-month exponential moving average for BTC/USD is at $65,827.
Increase in balance among addresses holding more than 10,000 BTC on August 9, on a 60-day rolling basis.
CryptoQuant data showed that addresses holding more than 10,000 BTC increased their balance by 46,420 BTC on August 9 on a 60-day rolling basis. Meanwhile, addresses holding between 0.1 BTC and 1 BTC distributed around 9,700 BTC over the 60 days through the same date, suggesting a transfer of coins from smaller to larger holders.</p><p>In equities, Nasdaq 100 index futures rose by 0.45% since midnight. On the geopolitical front, speculation suggests Iran may strike a deal with Oman to reopen the Strait of Hormuz. US Treasury Secretary Scott Bessent wrote on X that he strongly supports Japan's market and monetary steps to correct the yen's undervaluation.
Crude oil prices are caught between opposing forces regarding the Strait of Hormuz.
Robin Brooks of the Brookings Institution warned that the yen intervention mechanism would be unable to change the status quo on its own. The reported 24-hour cross-crypto short liquidations were at $53 million.
