Bitcoin Breaks Above $80,000 on Treasury Buybacks and Easier Regulation

Bitcoin has reclaimed $80,000 after three months of trading below this level.

The cryptocurrency's 22.81% jump over the past week was driven by a combination of expanded U.S. Treasury buybacks of long-term bonds, dollar weakness and expectations for easier digital-asset regulation.

U.S. spot Bitcoin ETFs have recorded net inflows of about $2.46872 billion over seven straight trading sessions, with BlackRock's IBIT accounting for more than 90% of the total.

Analysts predict that Bitcoin may go through a short-term consolidation in the $74,000 to $81,000 range and that a sustained move above $83,000 could open the door to a retest of $100,000.