Bitcoin Soars 23% in Strongest Weekly Gain Since November 2024
Bitcoin's recent surge has been its strongest since November 2024, reaching a 23% increase over the past week. This rally has been driven by a combination of factors, including spot market activity and institutional demand.
Average daily Bitcoin spot volumes surged 188% to $4.7 billion, with the top crypto reclaiming all four moving averages, 200-week, 200-day, 100-day, and 50-day, within just four trading days. This is a rare occurrence, with only three earlier instances seeing all four averages reclaimed so quickly.
K33's market regime framework suggests that current conditions remain supportive of a continued recovery, drawing historical parallels to previous bear-market breakouts in 2019 and 2023. However, Bitcoin remains 36% below its all-time high and farther from peak levels than other major assets.