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Bitcoin holds $79,000, ether, solana slip as traders bank a week of gains
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- DeepHorus
Bitcoin eased to around the $79,000 mark on Wednesday, slipping nearly 1% in Asian morning trading as traders took profits following a significant weekly rally. The pullback came as the world's largest cryptocurrency consolidated gains from a 23% surge over the past seven days, a rally that had lifted the market's sentiment.
Most major cryptocurrencies followed bitcoin's downward move over the last 24 hours. XRP fell over 4% to just above $1.44, though it still leads the weekly gainers with an almost 45% jump. Other notable decliners included Dogecoin, down nearly 5%, Solana, which slipped over 3%, and BNB, which was down almost 2%. The only major token to buck the trend was Hyperliquid's HYPE, which rose almost 3% and boasts a 40% weekly gain.
Despite the short-term profit-taking, underlying market indicators suggest a strengthening bullish trend. CryptoQuant's Bull Score, which tracks ten market and on-chain indicators, surged to 80 this week, its highest level since October 6, 2025, when bitcoin traded near $124,000. This jump from 30 signifies that eight of the ten indicators tracked are now in bullish territory.
CryptoQuant noted in a report with CoinDesk that apparent spot demand for bitcoin is growing at its fastest monthly pace since late December. Furthermore, spot and futures demand are expanding together for the first time since early October 2025, a technical alignment often seen as a positive signal for sustained upward momentum.
The crypto market's activity occurred against a broader backdrop of risk-on sentiment in traditional finance. Asian stocks rose, with MSCI's Asia Pacific index gaining 1% as lower oil prices eased inflation concerns. Attention is now turning to key U.S. economic data, including second-quarter GDP and PCE inflation figures, ahead of Federal Reserve Chair Kevin Warsh's Jackson Hole address on Friday.
Looking ahead, the market is pricing in roughly 60% odds that the Federal Reserve will hold its interest rates at 3.50% to 3.75% in September. The combination of strong on-chain metrics and a potentially favorable macroeconomic outlook provides a constructive backdrop, even as traders digest the week's impressive gains. The coming data points will be crucial in determining the next direction for both crypto and traditional asset markets.
