Bitcoin Soars Past $80K Amid Macro Upheaval

Bitcoin has surged past $80,000 for the first time in over three months, driven by a mix of macroeconomic and policy developments. The price of BTC rose to $80,836.00 around 2:30 am IST, while Ethereum jumped 32% over the past week to above the $2,500 level.

The rally has been amplified by a short squeeze and investors rotating into alternative stores of value, such as Bitcoin and gold, which have been hit hard this year. The U.S. Treasury's decision to double long-dated bond buybacks pushed Treasury yields lower and weakened the dollar, prompting investors to seek safer assets.

Ethereum, along with Bitcoin-linked stocks Strategy (MSTR) and Coinbase (COIN), has seen significant gains in recent days. Retail sentiment for these assets is extremely bullish, with traders calling for a potential target of $100,000 for BTC if it breaks through the current level.