Bitcoin Defies Volatility with Steady Price Above $64,600 Amid SpaceX Lockup Expiration
Bitcoin's price stability above $64,600 has been a market talking point this week despite a major liquidity event unfolding outside of crypto. The token held its ground at $64,600, posting a 0.5% weekly gain after a brief mid-week dip was bought back by buyers.
A narrow range for Bitcoin signals selective confidence in the asset's underlying demand rather than pure speculation. Meanwhile, other major cryptocurrencies like ether and XRP moved in different directions, with ether rising over 1% to $1,904 but still down 0.7% for the week.
The expiration of SpaceX's $101 billion stock lockup on Thursday freed a large batch of shares for trading, which could influence market liquidity. However, Bitcoin's price stability remained firm, and its dollar value even increased slightly despite the company's treasury losses in bitcoin due to the asset's sharp drawdown earlier this year.
Global risk appetite cooled just as Bitcoin held its ground, with gold climbing on expectations of fewer rate hikes by central banks. Amidst the mixed picture across major tokens, Hyperliquid's HYPE token stood out, trading little changed on the day but finishing the week up more than 4% - the strongest seven-day performance among large tokens.