Bitcoin tops $77,000 as best week since 2023 pulls altcoins along for the ride
Bitcoin has surged past $77,000, marking its strongest weekly performance since March 2023. The rally is supported by Treasury bond buyback news and significant inflows, though some indicators suggest the market may be entering overbought territory.
Why it matters
This rally signals renewed institutional and retail confidence in cryptocurrency markets, potentially influencing broader financial market trends and investor sentiment.
The Treasury’s bond buyback announcement helped extend bitcoin’s gains from earlier in the week. It’s now climbed for five straight days, adding almost 24% since Monday morning, the strongest weekly advance since March 2023.
A total of $3.3 billion worth of derivatives positions were liquidated on Wednesday and a further $1.25 billion were wiped out over the past 24 hours, according to CoinGlass .
The Altcoin Season index fell to 33 from 36, reflecting bitcoin dominance at 59.9% rather than weakness in other tokens. ENA rose 13% since midnight, ZEC 12.5%, comfortably outpacing bitcoin. NEAR and LINK kept up, adding about 8%.
Bitcoin has also now surpassed the $76,000 level implied by the inverse head-and-shoulders pattern that had been forming since the June lows. Traders who bought that break have made their target, which could lead to a short-term pullback with the relative strength index (RSI) also in overbought territory.
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