Bitcoin's Record-Setting Week: $14,264 Surge Sets Stage for Next Move
Bitcoin had its largest-ever weekly dollar gain, adding $14,264 in just seven days. This surge brings the price to $77,387, making it the asset's strongest weekly performance in dollar terms since trading began.
The 22.7% move is dramatic, but bitcoin has seen larger percentage gains before when its market value was lower. At current levels, even modest percentage swings translate into significant five-figure dollar moves, which was not possible when the price was in the hundreds or low thousands.
Traders pointed to a U.S. Treasury announcement as a catalyst behind the move, with the department doubling the size of its long-end liquidity-support buybacks from $2 billion to at least $4 billion per operation.
Galaxy Research has been watching bitcoin's 50-week moving average, currently near $82,470, as a gauge for what comes next. In 11 of 13 completed bear markets since 2011, a weekly close above that average lined up with the cycle bottom already being in.