Bitcoin Holds $79,000 as Traders Cash In After 23% Weekly Rally

Bitcoin eased nearly 1% to around $79,000 on Wednesday as traders locked in profits following a 23% weekly rally.

Most major tokens declined alongside it, with XRP falling over 4% despite still leading weekly gains at almost 45%, while Zcash dropped nearly 6% even after posting the strongest weekly performance among major tokens at 55%, coinciding with the launch of a dedicated spot ETF in the US.

Hyperliquid Bucks the Trend

While tokens like Solana, Dogecoin, and Tron all posted daily losses, Hyperliquid’s HYPE token stood out as the only major gainer, rising nearly 3.1% and holding a weekly gain of almost 40%.

Bullish Signals Persist Despite Short-Term Dip

CryptoQuant noted that its Bull Score indicator jumped sharply over the week, reaching its highest level since October 2025, with most tracked indicators now showing bullish signals. Spot demand is reportedly growing at its fastest pace in months. Meanwhile, attention is shifting to upcoming economic data, including GDP figures and inflation readings, along with Federal Reserve Chair Kevin Warsh’s upcoming Jackson Hole speech.