Crypto market update August 9: Bitcoin and Ethereum slip as Solana leads altcoins

What Is Moving the Crypto Market Today?

The CLARITY Act remains one of the main policy developments influencing crypto sentiment.

Prediction market data shows that the probability of the bill becoming law in 2026 has increased from earlier August levels, although the odds remain relatively low. The bill is designed to provide clearer rules for digital assets in the United States, which could make it easier for institutions and businesses to operate in the crypto market.

For now, however, uncertainty remains high.

Bitcoin and Ethereum were both trading slightly lower on August 9, while several large-cap cryptocurrencies also remained under pressure. The market is also waiting for the next major U.S. inflation report.

The U.S. Consumer Price Index (CPI) is scheduled for release on August 12. The data could influence expectations for the Federal Reserve's September interest-rate decision.

If inflation shows signs of cooling, traders could become more confident that the Fed will keep rates unchanged or potentially consider lower rates later. A softer rate outlook could support risk assets such as Bitcoin and other cryptocurrencies.

Crypto Market Data August 9

The data shows that overall market sentiment remains cautious. Bitcoin dominance is still close to 59%, while the Fear & Greed Index remains in the fear zone.

Crypto Derivatives Market Cools Over the Weekend

Crypto derivatives activity has also slowed.

Open interest across the market fell about 0.97% to $113.75 billion, according to the data provided for August 9. Total liquidations stood at roughly $68 million, down sharply from the previous day.

Long positions accounted for about $23 million of liquidations, while short positions accounted for around $45 million.

Nearly 60,000 traders were affected by liquidations. The largest reported liquidation was a BNB/USD position worth approximately $1.12 million on Binance.

Trading activity also dropped significantly as the weekend reduced market participation. Total crypto futures volume fell from around $159 billion on August 8 to approximately $63 billion at the time of writing.

The decline in derivatives activity suggests that traders are taking fewer aggressive positions while waiting for the next major market catalyst.

Bitcoin Price Outlook: Can BTC Break $65,000?

Bitcoin price is testing the important $65,000 resistance level, but buyers have not yet generated enough momentum for a sustained breakout.

The Relative Strength Index (RSI) is around 55, which keeps Bitcoin's short-term momentum slightly bullish. However, the indicator is moving lower, suggesting that buying strength is fading.

The Chaikin Money Flow (CMF) reading is also negative at around -0.15. This indicates that selling pressure is currently stronger than buying pressure.

A daily close above $65,000 could strengthen the bullish setup and open the path toward the $66,133 Fibonacci level.

On the downside, Bitcoin needs to hold the $64,731 support area. Losing this level could increase selling pressure and push BTC toward the $63,000 region.

For traders, the $65,000 resistance and $64,731 support are therefore the key short-term levels to watch.

Ethereum Price Holds Above $1,900

Ethereum remains above the $1,900 psychological level despite the broader market weakness.

Institutional demand has provided some support for ETH, with recent Ethereum ETF flows showing continued interest from investors.

The $1,900 level is important because a sustained move below it could weaken Ethereum's short-term recovery structure.

On the other hand, holding above $1,900 could allow ETH to continue moving toward the $1,950 area and potentially retest the important $2,000 level.

Ethereum traders are also watching derivatives positioning. Long positions remain prominent among some of the largest open positions, suggesting that part of the market continues to expect a recovery.

Solana Leads Major Altcoins

Solana is showing stronger momentum than Bitcoin and Ethereum on August 9.

SOL has been forming a rounded-bottom recovery pattern, with buying pressure increasing over the past two sessions.

The pattern has a measured height of roughly 8.8%. If Solana breaks above the nearby resistance around $76, that formation could support a move toward higher levels.

Technical indicators are also showing signs that the bearish trend is weakening.

The Awesome Oscillator (AO) remains below zero, but its green histogram bars suggest that bearish momentum is losing strength. The MACD is also moving above its signal line, another indication that sellers may be losing control.

However, SOL still needs to break its resistance level with strong volume before the recovery can be considered confirmed.

CLARITY Act and CPI Remain Key Market Catalysts

Crypto traders now have two major events to watch: the next step in the CLARITY Act process and the release of U.S. CPI data.

The CLARITY Act could influence longer-term institutional participation in the U.S. crypto market if it advances through Congress. At the same time, the CPI report could have a more immediate impact by changing expectations around Federal Reserve policy.

For Bitcoin, the key technical test remains $65,000. Ethereum needs to defend $1,900, while Solana is attempting to extend its recovery above $76.

Until one of these levels breaks decisively, the crypto market could continue trading in a mixed and cautious range.