Bitcoin Breaks Above $80K on Institutional Demand and Dollar Weakness

Bitcoin's price has broken above $80,000 for the first time since mid-May, driven by a combination of factors including increased institutional demand and a weaker US dollar.

The cryptocurrency rose more than 25% over the past seven days to reach $80,300 on August 25, with most of the rally taking place between August 19 and August 21.

The surge in price was likely triggered by the US Treasury Department's announcement on August 19 that it would increase the maximum size of liquidity support buybacks for longer-dated nominal Treasury securities by at least twofold.

This move led to a decrease in long-term Treasury yields, which weakened the dollar and increased investor interest in alternative assets such as Bitcoin and gold.