Bitcoin has slipped to around the $79,000 mark, prompting traders to lock in gains despite a robust 23% weekly advance, with the latest session showing a decline of nearly 1%.
The broader cryptocurrency market is displaying mixed momentum as several major altcoins retreat. Ripple has fallen to just above $1.44, shedding more than 4%, yet it still leads the weekly pack with a near 45% surge. Zcash has edged down to above $783, losing almost 6% on the day, but its weekly gain stands at an impressive 55%, fueled by the launch of its first spot ETF. Dogecoin has dropped below the 9-cent threshold, down nearly 5%, while Solana has slipped under $97, off more than 3%. TRON has declined to around 34 cents, losing close to 3%, and Binance Coin has fallen to above $695, down almost 2% despite a 16% weekly rise. Ethereum has dipped beneath $2,465, off more than 1%, though it still holds a weekly gain of nearly 29%. In a notable exception, Hyperliquid's HYPE token has bucked the trend, climbing almost 3% to above $81, with weekly gains approaching 40%.
Data aggregated by Woofun AI highlights a significant shift in market sentiment, as CryptoQuant's bullish score has jumped from 30 to 80, marking its highest level since October 6, 2025, when Bitcoin last touched $124,000. Eight of the ten tracked indicators are now flashing bullish signals. The report also points to the fastest pace of spot demand growth since late December, with spot and futures demand rising in tandem for the first time since early October 2025.
In traditional markets, the MSCI Asia Pacific Index has advanced 1%, led by Samsung Electronics and SK Hynix, securing its fourth gain in five sessions. Meanwhile, Nvidia has snapped a seven-day losing streak, and US stock futures have recouped earlier losses.
Investor attention is now turning to second-quarter GDP figures and July PCE data, with Federal Reserve Chair Kevin Warsh slated to speak at Jackson Hole on Friday. Markets currently assign a 60% probability that the central bank will hold rates steady at 3.50% to 3.75% in September.