Bitcoin Breaks Above $78K on Treasury Plans, Grayscale Nears Zcash ETF Launch

Bitcoin has broken through a major resistance level after reaching its largest weekly USD gain on record. The rally accelerated on reports that the U.S. Treasury could use its nearly $1 trillion Treasury General Account to help fund increased government bond purchases.

The move above $78,000 is seen as a decisive breakout above the daily 200 EMA, extending the rally toward $80,000, which now represents the next key resistance.

Grayscale has moved closer to launching the first U.S. Zcash ETF after filing an amended registration with the SEC, while Upbit saw trading volume surge 273% in 24 hours.