Bitcoin consolidates around $65K, setting its sights on $70K

Market overview

The crypto market capitalisation has risen to $2.22T, returning to the levels seen at its two-week highs. Since the start of August, the balance of power has shifted in favour of buyers, but the pace of this recovery is significantly slower than that of the similar rally seen in early July. This suggests a slight waning of buyer interest following the rebound from the June and July lows, given that the market currently lacks fundamental drivers of growth. Among the most active coins over the past 7 days, the top performers were Theta (+14.3%), as well as SushiSwap and Cosmos (both +8.5%), while the worst performers were Stellar and NEAR (both down -2.9%), as well as XRP (-2.7%), which further points to a predominance of growth.

The sentiment index stands at 30 at the start of the day on Monday. Since mid-July, this indicator has been in the ‘fear’ zone, only occasionally touching the 25 level (‘extreme fear’). This is a gradual shift in sentiment that is worth monitoring from time to time. Still, cautious medium-term investors will likely prefer to stay on the sidelines until this indicator consolidates above 50.

Bitcoin has been cautiously testing the $65K level for the fourth consecutive day. Although there has been no significant surge in buying activity as it approaches this round figure, the absence of sell-offs also suggests a build-up of short positions well above this level. It is quite possible that the next target for growth now appears to be the $70K region – an even more significant round figure, near which the 200-day moving average also lies. This would be above the key area of market contention seen in March and April, significantly shifting sentiment in favour of buyers. 

News background

The negative sentiment in the crypto market is temporary, and investors’ fears regarding a further fall in Bitcoin are greatly exaggerated. The situation is already showing signs of bottoming out, according to Japan’s Metaplanet, which holds 43,000 BTC in its reserves.

MARA Holdings, the largest US mining company, ended the second quarter with a net loss of $611.3 million, compared with a profit of $808.2 million for the same period last year. The decline in BTC's price was cited as the main reason for the negative result.

According to CryptoRank, trading volume in perpetual futures on centralised crypto exchanges (CEXs) in July was at its lowest since December 2023. On DEXs, trading volume in perpetual futures fell to its lowest level since June 2025.

Trump’s media company, Trump Media (TMTG), has wound down its cryptocurrency operations, abandoning plans to create a public treasury for the CRO token and to integrate prediction markets into Truth Social. However, TMTG will retain its crypto assets. According to Bitcoin Treasuries, Trump Media holds 9,542 BTC worth over $600 million. 

Summary: The crypto market is recovering, but growth remains cautious: market capitalisation has returned to two-week highs, BTC is testing $65K, and sentiment is in the ‘fear’ zone.