‘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.

Bitcoin’s weekly close (the second-to-last candle on this chart) was a bullish green candle. (Stockhead/Tradingview)

“They saved the weekly close,” tweeted legendary 19-year-old Bitcoin analyst Will Clemente.

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.”

Mission accomplished, ser.

Crypto market up 0.5%

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.

Coingecko

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.

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