Is bitcoin back? Why the king crypto has soared 22% in the last week

Bitcoin is so back.

That was the thought, anyway, that investors had this week as bitcoin abruptly pulled out of its ten-month-long bear market and soared 22% to end the week.

The move, which appeared to be largely driven by the White House cryptocurrency summit President Donald Trump hosted this week and expectations for lower rates, shows just how many bitcoin traders had been lurking on the sidelines and on a hair trigger, waiting for the right catalyst to buy.

The OG cryptocurrency, which is now officially in a bull market, surged another 5% on Friday, breaking above the $77,000 mark for the first time since May. The coin is up 19% since Wednesday, the day the crypto summit began at the White House.

Bitcoin had tumbled as much as 53% from its peak of around $126,000 in October of last year. The token is now up 30% from its trough of $59,101 in early March.

The rally is "historic" from a technical perspective, Paul Hickey, the co-founder of Bespoke Investment, wrote in a note. The token is trading more than 5 standard deviations above its 50-day moving average, reflecting momentum that hasn't been seen since 2016, he said on Friday.

Other cryptocurrencies also got a boost. Ethereum, bitcoin's sister token, rose 26% this week. Hyperliquid — which the president referenced when speaking about crypto regulation at the summit — is up 36%.