Bitcoin Eyes Third Weekly Gain at $82K Highs

Market drivers and the big picture

With equities, currencies, and bond markets swinging around, some investors looked for a place to hide and rotated out of dollars into assets like crypto and gold. Bitcoin spent much of the year stuck near $60,000 to $70,000 after early June, then pushed back above $70,000 in late August. Since then, momentum has built as the debasement trade has come back into focus.

Price action and data points

Overnight, bitcoin reached $82,272.31, its highest mark since May 11, when it topped out at $82,499.99. It most recently traded at $81,151.10. A Coin Metrics real-time snapshot later showed a last price of 79,260.67, down 2,292.14 or 2.81%, stamped 9:10 AM EDT.

What pros are watching, plus altcoin moves

In a Thursday note, Dominika Nestarcova - an executive director focused on digital assets at Goldman Sachs - wrote, "The price breakout came towards the [end of August] with the re-emergence of the debasement trade re-igniting investor interest in BTC - the U.S. Treasury announced it would increase purchases of longer-dated Treasuries, long yields fell, the dollar weakened, and BTC and gold moved higher." Other tokens climbed too: ether hit $2,545.62 on Friday, its highest since August 27, and solana jumped to about $105.70, the highest since August 31.