Bitcoin Rebounds Over 25%, Targets $80K as Monetary Devaluation Fears Rise

Bitcoin's price has made a remarkable recovery, surging over 25% in one week and pushing towards $80,000.

This marks its strongest weekly performance since March 2023, with the price climbing from around $63,000 to nearly $80,000.

The rebound was triggered by US fiscal policy announcements, specifically Treasury Secretary Scott Bessent's doubling of long bond buyback programs, which revived concerns about monetary devaluation and its impact on fiat currencies.

Bessent's announcement has led to a surge in demand for non-sovereign stores of value like Bitcoin and gold, with the latter reaching $5,000. However, a significant selling wall awaits at $80,000, where many traders had bought in May before the drop.