Market Wrap: Bitcoin Price Finishes Higher for Third Consecutive Week

In This Article:

Price Action

BTC regains $24,000 after initially trading lower.

Bitcoin’s (BTC) price reclaimed $24,000 after falling earlier in the day. The largest cryptocurrency by market capitalization was recently trading sideways and just over this threshold. Bitcoin rose 3% over the last week, continuing recent momentum.

Ether’s (ETH) price increased 0.6%, surpassing $1,900 for the second time this week. ETH’s price has increased 9% over the past seven days as investors eagerly await the Ethereum Merge, which will shift the protocol from proof-of-work to the faster, more energy-efficient proof-of-stake model.

This article originally appeared in Market Wrap, CoinDesk’s daily newsletter diving into what happened in today's crypto markets. Subscribe to get it in your inbox every day.

This year, BTC and ETH have fallen 50% and 48%, respectively, and have been tightly correlated with each other. Correlation coefficients range between 1 and -1, with the former indicating a direct relationship, while the latter implies a completely inverse relationship.

Market Performance (Glenn Williams Jr./TradingView)
Market Performance (Glenn Williams Jr./TradingView)

Traditional markets finished the week on an up note, with the Dow Jones Industrial Average (DJIA), S&P 500 and Nasdaq indexes up 0.61%, 1.12%, and 0.85% respectively.

The rally was broad-based, with about 70% of stocks listed on the New York Stock Exchange, Nasdaq, closing higher.

The price of crude oil declined 2.6% while natural gas fell 1.17%. The price of gold, a traditional safe-haven asset, increased 0.53%.

Latest Prices

Bitcoin (BTC): $24,122 −0.3%

Ether (ETH): $1,924 +1.4%

S&P 500 daily close: 4,280.15 +1.7%

Gold: $1,817 per troy ounce +1.5%

Ten-year Treasury yield daily close: 2.85% −0.04


Bitcoin, ether and gold prices are taken at approximately 4pm New York time. Bitcoin is the CoinDesk Bitcoin Price Index (XBX); Ether is the CoinDesk Ether Price Index (ETX); Gold is the COMEX spot price. Information about CoinDesk Indices can be found at coindesk.com/indices.

Technical Take

BTC’s weekly RSI signals growing momentum in prices.

BTC’s weekly chart illustrates a continuing trend higher for bitcoin. After sliding 42% between March 28 and June 27, the price has increased 25% to above $24,000, albeit with a few switchbacks.

A spike in volume starting June 13 implied that sellers were increasingly motivated to exit BTC positions. A question for investors is whether the selling pressure was based on the perceived value of bitcoin or driven by market-wide contagion, leading to forced selling.

The slide in BTC prices during that week coincided with a pause in customer withdrawals by bankrupt crypto lender Celsius Network, and equally bankrupt crypto hedge fund Three Arrows Capital facing $400 million in liquidations.