‘They saved the weekly close’ – last-minute pump convinces traders Bitcoin lives again
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A pump in the final hour of Bitcoin’s trading week has crypto traders convinced the bull market is back on following last Thursday’s selloff.
Bitcoin jumped from $64,500 to $65,600 in the 60 minutes to 11am AEDT (midnight UTC), and reached a four-day peak of $US66,200 shortly after that. At 12.21 AEDT, Bitcoin was trading at $65,466, up 1.6 per cent.
While Bitcoin is traded around the clock, by convention many traders use trading candles based on Coordinated Universal Time, so the final hour jump meant the week ended on a positive note.
“They saved the weekly close,” tweeted legendary 19-year-old Bitcoin analyst Will Clemente.
Most bullish weekly close on Bitcoin that I’ve seen since I’ve been on this planet
And let’s just say that back I was a lil’ kid, I had a pet dinosaur
— RookieXBT🧲 (@RookieXBT) November 14, 2021
Before the close, some had been a bit worried. One trader tweeted Bitcoin would be in “seriously bullish territory” if the close was above $64,800, but “iffy” otherwise. “That means we need to fookin send it tonight.”
If #Bitcoin can get back above 64.8k for tonight’s weekly close we will be in seriously bullish territory. If we don’t then things could be iffy. That means we need to fookin send it tonight.
— Metric stack p₳per to the ceiling (@antique_land) November 14, 2021
Mission accomplished, ser.
#Bitcoin just had the highest weekly close ever at $65.5k
— Benjamin Cowen (@intocryptoverse) November 15, 2021
Overall, the crypto market was at US$ 2.86 trillion, up 0.46 per cent from 24 hours ago.
Ethereum was changing hands for US$4,686, up 0.3 per cent.
About 30 of the top 100 coins were in the red, but most modestly so. THORChain and Wonderland (Time) were the biggest losers, both falling five per cent in the last 24 hour, while Shiba Inu dropped 4.5 per cent.
On the flip side, Crypto.com Coin (CRO) was the biggest gainer, rising 20.3 per cent.
The other double digits gainers in the top 100 were Spell Token, Radio Caca and Loopring, which had risen between 16.7 and 12.7 per cent.
Radio Caca is now up 180 per cent in the past seven days, to surge into the No. 88 spot in the coin rankings.
The Binance Smart Chain coin powers a play-to-earn metaverse game.