Bitcoin (BTC) has come off early-week highs following a ropey couple of trading sessions for the world’s largest cryptocurrency.
It fell more than half a percentage point against the US dollar on Tuesday and while it made some progress in the Asia reading window, saw further selling pressure when UK markets opened.
As it stands, the BTC/USD pair is currently swapping 4.5% higher week on week at $66,384.
Traders may be looking to developments in the Big Tech earnings season to support bitcoin as the week progresses.
Things got off to a good start with Tesla (NASDAQ:TSLA) shares surging 13% post market on Tuesday; Facebook (NASDAQ:META) parent Meta, Google parent Alphabet (NASDAQ:GOOGL) and Microsoft (NASDAQ:MSFT) are also reporting this week, with AI-led earnings growth the centre of focus.
Though not a given, a further rally of tech stocks could boost crypto prices in the short term.
Underwhelming bitcoin exchange-traded fund inflows have matched the average performance of the spot markets.
Bitcoin is up 57% year to date – Source: tradingview.com
Ethereum (ETH), the second-largest cryptocurrency, has outperformed bitcoin over the past seven days, adding 5.6% against the US dollar.
Elsewhere in the altcoin space, BNB and Solana (SOL) have added 12% and 23% week on week respectively, while meme coin Shna Inu has spared more than 20%.
Global cryptocurrency currently stands at $2.45 trillion, with bitcoin dominance at 53.3%.
Read more on Proactive Investors AU
