Bitcoin Soars 20% in Five Days to Reach $79,500

Bitcoin has seen an impressive surge over the past five days, with its price increasing by 20% to reach $79,500. This rapid rise is a pace 140 times faster than the average annual return of the stock market.

The increase was fueled by US Treasury bond buybacks and strong inflows into Bitcoin ETFs, but despite this growth, Bitcoin still trades 39% below its all-time high of $126,080.

Analysts suggest that a breakout is possible in the medium term, but it's unlikely over the weekend due to market liquidity and overhead supply. The current price has hit resistance at key levels near $79,500 and $80,000, with technical indicators showing an overbought condition.