Bitcoin Soars 8% Above $69,000 as Treasury Move Fosters Risk Appetite
Bitcoin prices surged more than 8% on Wednesday, briefly reaching $69,700 and marking its largest percentage gain since March.
The rally came after the US Treasury doubled planned buybacks of long-dated government bonds, pushing Treasury yields lower and weakening the dollar. This improved demand for riskier assets, including crypto-linked stocks, which saw significant gains: Coinbase jumped 10%, Bitcoin Accumulator Strategy rose 13%, Circle added 10%, and American Bitcoin surged 14%.
The move above $69,000 marked a crucial milestone for Bitcoin, which had been stuck in a range since early June. However, the price struggled to hold above its 200-day moving average near $69,030, a key trend gauge that many traders closely watch. If Bitcoin can sustainably break through this level and the round $70,000 mark, it would provide strong evidence of an upward trend shift.