This week, the global cryptocurrency market cap soared 5% to $1.49 trillion, marking its highest point since the Terra-induced collapse of last May. Several assets — Bitcoin (BTC), Ethereum (ETH) and Celestia (TIA) — registered impressive gains.

Bitcoin nears $40,000

Bitcoin has been on a rampage since breaking out of the consolidation in early October. The premier crypto has continued to register impressive bullish closes, and this week was no different. With a 5.41% increase over the past seven days, Bitcoin is on track to record its seventh consecutive bullish week. 

This streak of bullish closes began in mid-October when the asset changed hands at the $27,000 territory. Amid increased optimism from sustained ETF discussions, Bitcoin has extended the wins to seven straight weeks. 

This week was less challenging than most, as BTC only registered two days of mild intraday declines. These declines came up on Nov. 27 (0.56%) and Nov. 30 (0.37%). Other days recorded bullish gains, but Dec. 1 stood out, as BTC surged 2.54%, marking its highest intraday gain for the week.

This Dec. 1 rally brought BTC the closest to the $39,000 territory in 17 months. The asset spiked to $38,983 but witnessed bearish resistance. BTC showed resilience, closing Dec. 1 at $38,688 to have another go at $39,000 the following day.

This second push was successful, helping Bitcoin reclaim $39,000 for the first time since the Terra implosion of last May. Bitcoin has built on this rally, changing hands at $39,489 at the reporting time, with the $40,000

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Author: Wahid Pessarlay

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