Bitcoin Nears $80,000 Amidst Short Squeeze and Institutional Inflows

Bitcoin surged to nearly $80,000 on Friday after gaining around 23% this week.

The rally was sparked by U.S. Treasury Secretary Scott Bessent's announcement that the Treasury would at least double its long-term bond buyback program.

This move pushed down long-end yields and boosted risk appetite, sending Bitcoin prices higher.

According to Coinglass data, roughly $4.5 billion in crypto short positions were liquidated over the past three days, fueling a short squeeze.