Bitcoin recovered above $64,000 after touching $63,770 during the session.
- XRP led the decline among major cryptocurrencies, falling to around $1 and reaching its lowest level since November 2024.
- Ethereum’s price dropped to around $1,880, with retail sentiment turning ‘bearish’ on Stocktwits.
- Retail chatter on Stocktwits showed investors focused on Michael Saylor’s Bitcoin sales and the CLARITY Act delay.
Ripple’s XRP (XRP) and Ethereum (ETH) led the slide across cryptocurrencies in early morning trade on Tuesday after Bitcoin’s (BTC) fourth failed attempt to hold above the $65,000 mark.
XRP’s price fell 2.6% in the last 24 hours to around $1, dropping to its lowest point since November 2024. It was the top trending cryptocurrency ticker on Stocktwits at the time of writing. Retail sentiment around the altcoin remained in ‘bullish’ territory over the past day, while chatter rose to ‘high’ from ‘normal’ levels.
Meanwhile, Ethereum’s price dipped 2.2% to around $1,880. On Stocktwits, retail sentiment around ETH fell to ‘bearish’ from ‘neutral’ territory over the past day.
Bitcoin Faces Key $65,000 Test
The apex cryptocurrency, Bitcoin, fell 1.2% over the last 24 hours, recovering to around $64,200 at the time of writing, after dipping as low as $63,770 in intra-day trade. Bitcoin’s price is currently trading nearly 50% below its record high of over $126,000 seen in October. This is fourth time this year that Bitcoin has attempted to climb above the $65,000 mark before dropping lower.
BTC was also among the top trending cryptocurrencies on Stocktwits at the time of writing, with retail sentiment trending in the ‘bearish’ zone over the past day and chatter steady at ‘normal’ levels.
How Is Retail Feeling About Bitcoin, Crypto Market?
The latest pullback has put renewed focus on Bitcoin’s inability to establish a sustained move above $65,000 and pressure from Michael Saylor’s Strategy (MSTR) selling its Bitcoin stash.
The weakness also comes amid uncertainty around the timing of the Digital Asset Market Clarity Act (CLARITY). Senate Majority Leader John Thune (R-SD) filed cloture on the motion to proceed to the CLARITY Act early Saturday, putting the legislation on the Senate's floor schedule when lawmakers return from recess.
Zach Pandl, head of research at Grayscale, said the chances of Senate approval this year now appear low given the “realities” of the Senate calendar and the midterms in November. However, he added that failure to pass the bill would not immediately affect Bitcoin, stablecoins, or major blockchain networks.
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