Bitcoin climbed above $64,000 during Asian trading on Monday as a softer U.S. dollar and reduced expectations for a Federal Reserve rate hike offered some support, while Hyperliquid’s HYPE token emerged as the strongest major crypto performer over the past week.
Bitcoin returns above $64,000 as market remains range-bound
Bitcoin crossed the $64,000 level during Asian morning trading on Aug. 17, gaining roughly 0.5% on the day while remaining nearly 3% lower over the previous seven days.
The move came as broader macro conditions became somewhat more supportive for risk assets. However, Bitcoin has so far struggled to establish a decisive breakout from its recent trading range.
Hyperliquid’s HYPE was the standout among major cryptocurrencies, rising more than 3% during the session and nearly 9% over the week. Ether gained more than 1% to trade just below $1,900, although it remained slightly lower over seven days.
Other major cryptocurrencies also posted modest daily gains. Dogecoin rose nearly 1% to around $0.07, while Tron gained less than 0.5% and traded slightly above $0.33. XRP moved marginally higher around $1 but remained down roughly 3% for the week.
Solana edged higher to just above $75 and remained nearly 2% lower over seven days, while BNB slipped slightly toward $604.
Softer dollar provides limited support for Bitcoin
The latest Bitcoin move came alongside weakness in the U.S. dollar and changing expectations for U.S. monetary policy.
A Bloomberg dollar gauge fell around 0.1%, extending its decline toward levels last seen in May. At the same time, an emerging-market currency index reached an intraday record, supported by gains in currencies including the Taiwanese dollar and Thai baht.
The macro backdrop also shifted after the latest U.S. retail-sales data. The U.S. Census Bureau reported that July retail and food-service sales fell 0.6% month over month to $763.6 billion, although sales were still 5% higher than a year earlier.
U.S. Census Bureau retail sales data
The weaker monthly reading contributed to changing expectations around Federal Reserve policy. Traders have reduced bets on a rate increase at the Fed's next meeting, removing some of the immediate pressure that higher interest-rate expectations can place on risk assets such as Bitcoin.
Bitcoin traders await the next Fed signal
The next major macro catalyst for Bitcoin will be the release of the Federal Open Market Committee minutes.
The Federal Reserve has scheduled the minutes from its July 28–29 meeting for Aug. 19 at 2 p.m. ET.
Federal Reserve FOMC calendar and minutes
The minutes could provide additional insight into how policymakers assessed inflation, economic growth and interest-rate risks during the July meeting.
For Bitcoin traders, the key question is whether the discussion points toward a more restrictive policy stance or leaves room for easier monetary conditions later in the year.
That distinction could become increasingly important if Bitcoin continues to consolidate near the $64,000 area.
HYPE outperforms while major cryptocurrencies remain weak
Hyperliquid's HYPE has separated itself from most other large-cap cryptocurrencies during the latest seven-day period.
While Bitcoin, XRP and Solana remain lower on the week, HYPE has gained close to 9%, making it one of the strongest major tokens during the current market consolidation.
The divergence highlights how capital can rotate within crypto even when Bitcoin itself lacks a clear directional trend. Traders may be looking for individual ecosystem catalysts rather than making broad bets across the entire market.
However, HYPE's strength has yet to translate into a wider altcoin rally.
Ethereum remains slightly lower on the week despite its daily recovery, while XRP and Solana continue to trade below their levels from seven days earlier.
Bitcoin remains stuck between macro optimism and weak demand
Despite the improvement in the macro backdrop, Bitcoin has not yet produced a convincing breakout.
The combination of softer retail data, lower rate-hike expectations and dollar weakness would normally provide a more favorable environment for risk assets. Yet Bitcoin's relatively muted reaction suggests that traders remain cautious after the recent market decline.
That caution is also reflected in fading institutional demand. Analysts have pointed to weaker spot Bitcoin ETF flows as evidence that buyers have not yet returned with enough conviction to push BTC decisively higher.
For now, the $64,000 area remains an important short-term reference point. A sustained move above the recent range could improve market sentiment, while another rejection could leave Bitcoin vulnerable to another test of recent lows.
What Bitcoin traders are watching next
The Aug. 19 FOMC minutes are likely to be the week's most important macro event for Bitcoin.
Beyond monetary policy, traders will also watch developments surrounding U.S. crypto regulation and the administration's expected engagement with the digital-asset industry.
For now, Bitcoin's return above $64,000 represents a modest recovery rather than a confirmed trend reversal. HYPE's stronger weekly performance shows that opportunities remain within individual crypto sectors, but the broader market still needs stronger demand to establish a sustained rally.
Bitcoin is holding above $64,000, but the next major move could depend on whether macro conditions finally translate into renewed crypto buying.
