Bitcoin jumps 23% this week to $77,000, sparking debate over whether the rally marks a market bottom or a temporary rebound.
Bitcoin climbed above $77,000 on Aug. 21, rising 23% from $62,800 at the start of the week. The rally marks its strongest weekly performance since 2023, driven by U.S. Treasury bond yield adjustments and political calls for crypto-friendly legislation.
Analysts remain divided on the rally’s longevity. Some cite a “golden cross” chart pattern as evidence of a potential push toward $100,000, while others warn of a false breakout. Ethereum, the second-largest cryptocurrency, rose 28% this week to $2,390.
Market sentiment remains cautious, with investors weighing macroeconomic signals against technical indicators. The debate underscores uncertainty over whether the move signals a broader crypto recovery or a short-lived rebound.