Bitcoin price rises 20% in five days to $77.000

The Bitcoin price has gained more than 20% in less than five days, rising from approximately $63.000 to above $77.000. This allowed the cryptocurrency to recoup almost three months of price losses in one fell swoop. It is the strongest weekly rally Bitcoin has shown since February 2024, and the rise is proceeding at a pace far above historical stock market returns.

Bitcoin is available at OKX and Bybit.

In brief:

• Bitcoin rises more than 20% in less than five days, from $63.000 to above $77.000.
• The weekly gain is the largest since February 2024 and erased three months of price losses.
• The pace of the rise is approximately 140 times higher than the historical annual average of the S&P 500.

Three months of losses recouped in five days

The price of Bitcoin currently stands at $77.844, a daily gain of 8.7%. Earlier this week, Bitcoin already broke through the $76.000 mark, after which the advance continued. From a low of around $63.000, that means a gain of more than $14.000 in a short period of time.

Coinbureau points out that Bitcoin has thus achieved the same return in five days as the S&P 500 shows on average in a full year. Historically, that American stock index yields about 10% per year. Bitcoin achieved that in less than a week, which amounts to a pace roughly 140 times higher than the long-term average of the stock market.

Strongest rally in more than a year

The current surge is Bitcoin’s strongest weekly movement since February 2024. Earlier this week, a major short squeeze on Binance already caused a significant upward movement, after which the price continued to rise.

The rise follows a period in which Bitcoin was under pressure. Before that, analysts were still wondering whether the recovery was sustainable: Glassnode stated that the earlier recovery was more of a local rally than a true trend reversal. The current movement is of a different order. Bitcoin ETFs also attracted $517 million in new capital earlier this week, with BlackRock recording the largest inflow.

Whether the price manages to consolidate at this level or embarks on a further rise depends in part on whether new buyers keep flowing in and selling pressure remains limited.