Bitcoin, Ethereum and XRP remain range bound as traders await the August 19 FOMC minutes and White House crypto meeting, with BTC near $63K and XRP defending $1.
BTC$63,101.00+0.10%
ETH$1,883.70+0.00%
XRP$0.998502-0.20%The crypto market remained largely range-bound on August 16 as traders awaited several potentially market-moving events, including the release of the Federal Open Market Committee (FOMC) meeting minutes on August 19.
Bitcoin (BTC) continued to trade near $63,000, while Ethereum (ETH) remained around $1,878. XRP also hovered around the key $1 support level as low trading volumes kept major cryptocurrencies from making a decisive move.
Meanwhile, geopolitical developments and expectations surrounding the upcoming White House meeting between US officials and crypto executives added another layer of uncertainty for traders.
Geopolitical tensions remain one of the factors influencing crypto sentiment.
Markets are watching developments surrounding the potential reopening of the Strait of Hormuz, while reports that the UAE seized billions of dollars in Iranian assets have added to uncertainty.
Prediction markets currently indicate only a 13% chance that the US-Iran ceasefire will be extended after it expires on August 20.
Tensions elsewhere are also contributing to the cautious mood. Ukraine launched a major drone attack in Moscow on August 16, adding another geopolitical risk for global financial markets.
Monetary policy is another major focus.
Traders are waiting for the minutes from the Federal Reserve's July FOMC meeting, scheduled for release on August 19. The July meeting maintained interest rates at 3.50% to 3.75%, but its tone remained relatively hawkish as officials continued to express concerns about inflation.
The minutes could provide additional clues about the Fed's approach to its September meeting.
Markets are currently pricing a 26% probability of no rate change at the September meeting, according to the figures cited in the source.
The crypto market is also looking ahead to the August 19 White House meeting between President Donald Trump and executives from major crypto and prediction-market companies. The outcome could influence sentiment around US crypto policy and upcoming legislation.
Metric | Value |
|---|---|
Total crypto market cap | $2.16 trillion (-0.13%) |
24-hour trading volume | $27.32 billion |
Bitcoin | $62,936 (-0.02%) |
Ethereum | $1,878 (+0.04%) |
XRP | $0.99 (-0.38%) |
Bitcoin dominance | 58.4% |
Ethereum dominance | 10.5% |
Altcoin Season Index | 50/100 |
Fear and Greed Index | 34 (Fear) |
The data shows that investors remain cautious, with the Fear and Greed Index still firmly in the fear zone.
Crypto derivatives activity also weakened during the weekend.
Total open interest stood at approximately $117 billion, down 0.85% from the previous day.
Trading volume across crypto derivatives dropped by roughly 50% to $61 billion, according to the figures cited from CoinGlass.
Liquidations also fell sharply, declining 71% to $38 million. Long positions accounted for approximately $24 million of the liquidations, while short positions accounted for $14 million.
The sharp decline in liquidations reflects the lack of major price movements as weekend trading volumes remain relatively subdued.
Despite the cautious market, derivatives positioning still favors the bullish side. Long buying volume reached approximately $9.78 billion, compared with $5.47 billion in short-selling volume.
Bitcoin was trading around $62,900 on August 16, remaining inside a narrow range between approximately $62,000 and $65,000.
The broader crypto market remains subdued after a similarly narrow session on August 15, when Solana ETF inflows led weekly crypto investment products while Chainlink and Shiba Inu outperformed major assets.
The direction of the breakout will likely depend on whether buyers or sellers gain control.
A break below the lower trendline around $61,850 could expose Bitcoin to further downside. Based on the projected move from the pattern, BTC could potentially fall toward $56,900 if the breakdown is confirmed.
On the other hand, a breakout above the upper trendline around $66,700 could strengthen the bullish setup. The pattern's estimated 7.9% move could then put Bitcoin on a path toward approximately $71,900.
However, momentum remains a concern for bulls. Bitcoin's RSI is around 42, indicating that bearish momentum currently has an edge.
As a result, traders may watch the $61,850 and $66,700 levels closely for confirmation of Bitcoin's next major move.
Ethereum was trading near $1,878, with the cryptocurrency showing little movement on the day.
The current price structure resembles a falling channel within a potential bull flag pattern. Such a setup can precede an upward move if buyers manage to push the price through resistance.
According to the cited analysis, Ethereum would need to close above $1,947 to confirm a breakout from the pattern.
A successful move above that level could open the way for a potential 28% gain, although confirmation from price action would be necessary before treating the setup as bullish.
Derivatives positioning also remains relatively positive.
Ethereum's overall long/short ratio stands at 1.10, while the ratio reaches 2.56 on Binance and 1.89 on OKX, suggesting that traders on those exchanges are currently positioned more heavily toward long positions.
XRP remains one of the key altcoins to watch after slipping slightly below the $1 mark.
The token was trading around $0.99, making the psychological $1 level an important area for bulls.
Recent growth in XRP Ledger activity has provided some support for the broader recovery narrative. Network activity recently reached a two-month high, suggesting that participation on the network has increased despite weak price performance.
If XRP fails to reclaim and hold $1, the next downside level could be around $0.98.
However, a sustained move above $1 could improve the short-term outlook and potentially allow XRP to test the $1.08 resistance.
Institutional demand is also showing signs of improvement. Data from SoSoValue cited in the source shows that XRP investment products recorded $2.2 million in weekly inflows, while Bitcoin and Ethereum products recorded outflows during the same period.
That divergence could provide another positive factor for XRP if institutional demand continues to strengthen.
The crypto market is entering an important week, with several catalysts potentially capable of breaking the current range-bound conditions.
The August 19 FOMC minutes will provide traders with more information about the Federal Reserve's thinking on inflation and interest rates. The same day, the White House crypto meeting could generate fresh signals on US digital-asset policy.
For Bitcoin, $61,850 and $66,700 are the key technical levels to watch. Ethereum needs to reclaim $1,947, while XRP's ability to defend $1 remains critical for its short-term recovery.
Until those levels break, however, the crypto market could remain stuck in a narrow range as traders wait for clearer catalysts.
Kalshi faces a major regulatory battle in New York as the CFTC orders it to keep operating amid a lawsuit that could expose the prediction market to more than $36 billion in damages.
Bank of Montreal disclosed positions in two XRP ETFs worth nearly $3,000, adding to the growing institutional exposure to regulated XRP investment products.
XRP
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