Bitcoin Eyes $75,000 Breakout as US Treasury's Bond Buybacks Fuel Rally

Bitcoin is on track to break through the $75,000 barrier as it continues its steady recovery. The cryptocurrency has surpassed both the 50-day Exponential Moving Average (EMA) near $65,287 and the 200-day EMA near $72,098, maintaining a clear bullish bias.

The Fear and Greed Index reading of 68 suggests a risk-on sentiment in the broader crypto market, indicating increased greed among investors. This comes after the US Treasury announced at least $4 billion of long-term bond buybacks, further fueling the rally.

Ethena (ENA) and Pump.fun (PUMP) have emerged as top performers, with Ethena up 6% on Friday and PUMP up double-digits over the last 24 hours. The altcoins' bullish near-term bias is evident, with ENA trading well above the 50-day EMA at $0.0888.

From a technical perspective, Bitcoin's momentum is regaining strength, as the Moving Average Convergence Divergence (MACD) steadily rises and the bullish histogram expands. However, the Relative Strength Index (RSI) near 82 signals overbought conditions, suggesting that while the broader trend remains constructive, the rally could be vulnerable to a near-term pause or corrective pullback.