Bitcoin Soars 23% Amid Treasury Buyback Boost

Bitcoin's price has surged by 23% over the past week, driven in part by strong inflows into spot ETFs after the Treasury announced plans to increase its long-dated bond buybacks.

The increased demand for Bitcoin has also had a ripple effect on other cryptocurrencies, with Ethereum and XRP both rising more than 25% in recent days.

According to Coinglass data, 170,793 traders were liquidated in the past 24 hours for $1.37 billion.

Michael van de Poppe compared Bitcoin's current price action to its breakout in 2022, noting a strong weekly candle following consolidation and a sweep of the lows.