Bitcoin Sees $78K Price Action Despite $6B Treasury Debt Buyback

Bitcoin's price remained steady near $78,600 despite a volatile trading session triggered by a $6 billion long-term debt buyback by the U.S. Treasury.

The price swung between $78,095 and $79,650 before settling near its current level, with market data showing that it breached $79,000 in the early hours of Wednesday.

The latest escalation in the U.S.-Iran conflict saw crude oil prices spike, with Brent crude topping $100 per barrel for the first time since July 2, and one U.S. bank projects this to reach $120.

Analysts expect larger U.S. Treasury buybacks to fuel a rally, while a Kobeissi Letter warns that without an end to the Iran War, the 10Y Note Yield may pass 5.00% by next week.