Bitcoin Blasts Past $76K as US Treasury Bond-Buying Plan Boosts Sentiment

Bitcoin surged nearly 22% over the past week, reaching almost $78,000 on Monday as market sentiment improved due to the US Treasury's bond-buying plan.

The plan to at least double purchases of long-term government bonds eased pressure in the bond market and weakened the dollar, reviving the 'debasement trade', where investors turn to scarce assets like Bitcoin and gold as a hedge against currency weakness.

According to CoinSwitch Markets Desk, short covering, improving liquidity expectations, regulatory optimism, and strength across ETH, SOL, and XRP further supported the gains.

Nischal Shetty, Founder of WazirX, noted that crypto markets are entering a macro-sensitive phase, with central-bank communication and long-term bond yields likely to determine the near-term direction. He added that immediate support lies around $76,000-$76,500.