In a historic surge, Bitcoin (BTC) reached a new all-time high over the weekend, surpassing $79,000, marking a major turning point in the cryptocurrency market.
This rise, which increased BTC prices by 4%, brought BTC’s weekly gain to over 16%, also influenced by recent political and economic changes in the US that fueled bullish sentiment among investors.
This rise comes after a very important week in US politics and monetary policy: the election of Republican Donald Trump as president and the Fed’s 25 basis point rate cut, interpreted by many in the market as bullish. Both events created an optimistic atmosphere and contributed to the BTC price increase.
Chart showing recent BTC price movements.
Cryptocurrency markets often see unique dynamics during the weekends, with a tendency for “weekend pumps.” Since institutional investors typically take a break from trading on these days, low liquidity can lead to larger price swings driven by retail investors. A strong weekend performance like this latest surge is seen as a positive indicator of broad-based interest in Bitcoin and points to active participation from retail investors beyond institutional investors.
The market volatility also triggered significant losses for bearish investors, with $280 million worth of short positions liquidated in one of the largest weekend liquidations in recent months.
*This is not investment advice.
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