Bitcoin Soars Past $77k Amid Dollar Weakness and Treasury Debt Concerns

The price of Bitcoin broke out of a weeks-long range and climbed above $77,000 on Friday as gold reached $4,661. The rally comes after the U.S. Treasury announced it would double planned purchases of longer-term government debt.

Lacie Zhang, research analyst at Bitget Wallet, said the unusual pairing of elevated bond yields with gains in Bitcoin and gold points to growing concern about the U.S. fiscal outlook. 'Bitcoin's 23% rally alongside gold during a period of U.S. dollar softness and elevated Treasury yields reflects a subtle shift in institutional sentiment,' she told Decrypt.

Jake Kennis, senior research analyst at Nansen, said the moves are consistent with concerns about debt and the dollar but are not conclusive. 'A weaker dollar alongside elevated yields can also reflect higher term premium, inflation uncertainty, or changing growth expectations rather than a pure loss of faith in Treasuries,' he explained.