Bitcoin Breaks Above $75K as US Treasury Plan and Short Squeeze Fuel Rally
Bitcoin has broken above $75,000 for the first time in over three months, driven by the US Treasury's plan to double buybacks of long-term securities and new crypto regulations proposed by the SEC. The rally is also attributed to a significant short squeeze, liquidating nearly $4.2 billion in crypto shorts. This surge marks Bitcoin's best weekly gain since March 2024 and reflects renewed investor optimism amid regulatory clarity and government liquidity support.
Bitcoin has surged past the $65,000 resistance level to reach a multi-month high near $79,500 before settling around $77,300, positioning it for the best week of August so far. This rally wiped out $709 million in short bets and pushed Bitcoin's market capitalization higher.
The surge in Bitcoin is also reflected in other cryptocurrencies, with altcoins like BCH and ZEC showing significant gains. Bitcoin Cash surged 29.41% to $288.53 in a single day, driven not by any specific news but by a broader market risk-on sentiment triggered by the US Treasury's plan.