Bitcoin Reclaims $64K as Majors Fade, With Miners Cutting Compute for AI
Analysts kept the focus on a $62K–$65K box as BTC sits below key moving averages and miners report a 21% compute drop over three quarters.
Bitcoin traded back above $64,000 on Tuesday, up over 1% on the day, while most major tokens drifted lower or stayed flat. The bounce landed inside a $62,000–$65,000 range as miners reported a 21% cut in computing power while redeploying capacity toward AI infrastructure.
Bitcoin Reclaims $64K as Majors Drift Lower
Bitcoin pushed back above $64,000 on Tuesday, up over 1% on the day and marginally higher on the week. It was the only major token with a clean daily gain while the rest of the board leaned flat-to-red.
Ether eased about 0.5% to just under $1,900 while still holding close to a 1% weekly gain. XRP was weaker, down over 1% to just under $1 and off more than 2% on the week, while dogecoin slipped almost 0.5% to around $0.07. BNB and TRON both ticked marginally lower to just over $600 and about $0.33, and Solana was roughly flat at just under $76.
Among the smaller majors, Hyperliquid’s HYPE was the outlier, up almost 1% to just over $59 and up 7.5% over seven days, the strongest weekly performance cited in the snapshot.
Macro tape stayed heavy. Brent crude rose to just over $91 a barrel after President Donald Trump said he was not interested in extending an expiring agreement with Iran and as fighting intensified in Lebanon. Bonds and stocks fell amid renewed inflation worries, a backdrop that can keep beta-sensitive majors offered even when BTC manages a grind higher.
Rangebound at $62K–$65K: Why the 50-Day and 200-Week Levels Matter
The move above $64,000 did not change the technical framing. Alex Kuptsikevich, chief market analyst at FxPro, described bitcoin as stuck in a $62,000–$65,000 range and said “nothing changes until the price leaves the $62,000 to $65,000 range it has been stuck in.”
Two trend gauges are doing most of the work in that read. The 50-day moving average, a medium-term trend line built from the last 50 days of price data, has acted as a ceiling recently. Kuptsikevich said “bitcoin has now spent four days below its 50-day moving average” after an earlier attempt to break above it.
The longer-duration filter is still worse. Kuptsikevich said BTC “remains below its 200-week average,” a long-term trend indicator that traders often use as a line between structural uptrends and downtrends. Put together, he said those levels leave “sellers in control on both the medium and very long-term trends.”
That combination is why $64K reads more like a rotation inside the box than a breakout. A green daily candle can coexist with sellers controlling the higher-timeframe trend when price is still capped by those averages.
Miners Cut Compute 21% as AI Competes for Capital and Power
Bitcoin’s network-side story is shifting alongside the price action. Publicly listed bitcoin miners cut their combined computing power by 21% over three quarters as they redeployed capacity to AI infrastructure, according to Miner Weekly. Computing power, or miner hashpower, is the aggregate computational work miners contribute to secure the network and compete to produce new blocks.
The excerpted data does not specify which quarters are included or the methodology behind the combined figure, so the cleanest read is directional rather than precise. Miner Weekly attributed the shift to weak mining economics and competition from the AI sector for both capital and electricity, which is the real constraint for miners deciding whether a megawatt goes to SHA-256 or to GPUs.
The AI bid showed up in token tape too. Venice, an AI platform founded by Erik Voorhees, said it crossed $100 million in annualized revenue, a run-rate estimate that projects the current pace over a full year. Venice’s VVV token rose 10% on the day to around $13.30.
For traders, the near-term tells are mechanical. A daily close outside Kuptsikevich’s $62,000–$65,000 band is the first confirmation that this is more than range churn, and reclaiming the 50-day moving average would be the next step toward flipping medium-term control. On the macro side, crude holding above roughly $91 while stocks and bonds stay under inflation pressure is the kind of cross-asset setup that can keep majors lagging even if BTC holds up.
How I’d Trade the Tape: Respect the Range While Macro and AI Narratives Collide
The threshold that matters is still Kuptsikevich’s box, not the headline print above $64K. If BTC cannot reclaim the 50-day moving average after spending four days below it, and it stays under the 200-week average, the path of least resistance remains choppy range trade rather than trend.
The real test is whether the miner pivot becomes a repeatable disclosure cycle instead of a one-off stat. If listed miners keep reporting AI redeployments while energy and capital stay tight, BTC’s narrative flow will keep getting pulled into the same macro and infrastructure cycle that is moving power prices and GPU economics, and that only matters if it coincides with a clean break out of $62,000–$65,000.
