Bitcoin Slips Below $79K After Brief Push Past $80,000, Rate Fears Weigh on Rally

Bitcoin eased to just under $79,000 during Asian trading hours today, down nearly 1% for the day, after briefly climbing above $80,000 for the first time since May.

Solana moved against the broader trend, rising nearly 4% to just above $101 and gaining 19% over the week.

Weekly Gains Cool Off Quickly

The pace of the rally has slowed noticeably as last week’s surge rolls out of the calculation window. Bitcoin’s seven-day gain dropped to 14%, down from 23% a day earlier, while Ether’s weekly gain fell to 11% from 29%.

Technicals Point to Overbought Conditions

One markets strategist noted that daily charts show Bitcoin in overbought territory, though such conditions don’t always lead to a sharp reversal. The next key level to watch sits near May’s high around $82,820, with a break above that potentially opening the path toward $100,000.

Stocks Move Higher as Nvidia Surges

While crypto pulled back, equity markets moved in the opposite direction. Nvidia jumped nearly 5% in extended trading after projecting strong sales growth through 2028, lifting related chipmakers along with it. Asian markets also advanced, led by strength in South Korean tech stocks.

Separately, one crypto trading firm noted that falling open interest suggests the recent rally has been driven more by short covering than fresh buying, with genuine demand coming mainly from spot ETF inflows, raising questions about how sustainable the current momentum really is.