Bitcoin Soars Past $75,500 as Market Cap Surges Nearly $190 Billion

Bitcoin has reached a 6-month high of over $75,500 after gaining nearly 18% in just one week. The cryptocurrency's surge added nearly $190 billion to its total market cap.

The rally is not solely due to an initial short squeeze, but rather a combination of institutional flows, regulatory optimism, and improving liquidity expectations. The US Treasury's expansion of longer-duration bond buybacks has contributed to the risk-on move by easing yields.

US spot Bitcoin ETFs have seen net inflows of around $1.11 billion between August 17 and 20. However, experts warn that the market is becoming increasingly stretched with Bitcoin nearing a key resistance area of $75,000-$76,000.