Bitcoin Faces Make-or-Break Test at $81,081

The price of Bitcoin has surged to over $80,000 for the first time since May, driven by the US Treasury's announcement to double its government debt repurchase operations.

The move has been violent and fast, with Bitcoin running 23% last week, its strongest weekly advance in three years. The coin is up roughly 27% over the past month and 38% from the June plunge that took it to a seven-day low of $58,756.

The Treasury intervention removed the premise of the short trade against Bitcoin, which had been profitable for six weeks. Positions that were once profitable became forced buyers of spot and perpetual contracts, compounding on themselves across eight consecutive sessions.

Nearly 8% of total supply was acquired inside the $80,000 to $82,000 band, with roughly 5% concentrated at $80,000 specifically, the largest cluster at any individual price level in Bitcoin's history.