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Bitcoin held near $79,000 on Wednesday as traders took some profits following a powerful week for the cryptocurrency market. BTC slipped nearly 1% over 24 hours in Asian morning trading, but remained up roughly 23% over the past seven days.
The pullback was broad across the major crypto market, with most large-cap tokens trading lower. Despite the short-term weakness, the scale of the weekly gains shows that the market remains significantly stronger than it was at the start of the week.
Bitcoin Holds $79,000 After 23% Weekly Gain
Bitcoin’s move back toward $79,000 comes after a sharp recovery that pushed the asset to levels not seen since May. Bitcoin Crosses $80,000 for First Time Since Mid-May as August Gains Reach 28% examines the macro factors that helped drive that recovery.
Rather than signaling an immediate reversal, Wednesday’s decline reflects traders locking in some of the gains accumulated during the rally. Bitcoin remains firmly above the levels from which its latest move began, keeping the focus on whether buyers can defend the $79,000 area.
The next phase could therefore be less about another immediate vertical move and more about whether Bitcoin can consolidate its recent gains without giving back a significant portion of the rally.
For the broader crypto market, Bitcoin’s ability to remain above $79,000 could be important for maintaining the momentum that has recently spread into altcoins.
The move followed a powerful squeeze higher, with Bitcoin Price Hits $80K as Short Liquidations Pass $220M detailing how more than $220 million in crypto short positions were liquidated as BTC approached the key level.
XRP, Zcash and Solana Pull Back
The profit taking was more visible across several major altcoins.
XRP fell more than 4% to just above $1.44, making it one of the biggest decliners among major tokens. Despite the daily drop, XRP remains up almost 45% over the past week, making it one of the strongest performers during the rally.
Zcash (ZEC) dropped nearly 6% to just above $783, while still maintaining a weekly gain of roughly 55%. The move comes as a dedicated spot Zcash ETF has gone live in the US.
Solana also moved lower, falling more than 3% to just below $97. The pullback follows a strong recovery for SOL, which recently returned to the $100 area.
Ether declined more than 1% to below $2,465 but continues to hold a weekly gain of nearly 29%. BNB was down almost 2% at just above $695.
Among major tokens, Hyperliquid’s HYPE was the exception, rising almost 3% to above $81 and extending its weekly gain to around 40%.
Crypto Market Shifts Into Profit-Taking Mode
The broad declines suggest that traders are taking some money off the table after an unusually strong week.
That does not necessarily invalidate the recovery. Large rallies often produce periods where short-term traders lock in profits, particularly after major assets move sharply higher in a matter of days.
The rally has also been supported by strong institutional demand, with Bitcoin ETF Demand Explodes as Weekly Inflows Reach $1.92 Billion highlighting the latest surge in spot Bitcoin ETF inflows.
The key difference now is that Bitcoin remains close to $79,000 despite the selling pressure. Holding that level would allow the market to consolidate without erasing the gains that have defined the latest move.
For altcoins, the situation is more mixed. Tokens such as XRP and Zcash have generated substantially larger weekly gains than Bitcoin, leaving them more vulnerable to profit-taking when momentum slows.
Macro Data Could Shape Bitcoin’s Next Move
Attention now shifts toward the US economic calendar, with second-quarter GDP figures and July PCE inflation data due later Wednesday.
Markets are also looking ahead to Federal Reserve Chair Kevin Warsh’s first Jackson Hole keynote as chair on Friday. Current expectations put the probability of the Fed holding rates at 3.50% to 3.75% in September at roughly 60%.
Those events could influence broader risk appetite and, by extension, Bitcoin’s ability to maintain its recent gains.
For now, the most important level remains $79,000. Bitcoin is giving back a small portion of its weekly advance, but as long as the cryptocurrency can hold its recent breakout area, the current move remains intact.
The question for traders is no longer simply whether Bitcoin can rally. After a 23% weekly surge, it is whether BTC can hold its gains while the market takes a breather.
Source: www.altcoinbuzz.io