Bitcoin and Cryptos Regain Strength as US Treasury Doubles Down on Buybacks

Bitcoin and other major cryptocurrencies are gaining strength as appetite for risk assets remains elevated.

The Crypto Fear & Greed Index, which measures market sentiment, has dropped slightly to 66 from 69, but it's still in the Greed territory. This suggests that investors are becoming increasingly bullish on digital assets.

The US Treasury is set to announce the scale of its long-dated buyback program, which could trigger a resumption of gains for cryptocurrencies. The program aims to at least double the maximum amount it can purchase, and markets responded positively when the change was announced last month with Bitcoin rallying above $80,000.

Bitcoin is trading at $79,480, extending its advance well above the main Exponential Moving Averages (EMA) and keeping a constructive near-term bias. Ethereum has reclaimed $2,500 as short-term support and Ripple shows signs of recovery, trading near $1.44 while supported by key moving averages.