Bitcoin Stuck in Limbo as US Treasury Debt Buybacks Spark Market Watchers
Bitcoin's price has been stuck in a corridor that has frustrated bulls for weeks. The cryptocurrency is currently trading at $77,800, down -1.4% over 24 hours, and its global market cap has slipped to $2.75 trillion, down -1.2%. Chart watchers point to a confirmed bearish divergence on the 3-day RSI that emerged after Bitcoin's recent short squeeze, indicating a genuine consolidation pattern rather than a fakeout.
The US Treasury's move to buy back $12.5 billion in short-term debt and plan up to $6 billion in long-term bond repurchases tomorrow is also being watched closely by traders. This liquidity management is aimed at containing yields and shaping risk appetite across every asset class, including crypto.
According to Reuters' technical mapping, the 50-week EMA near $77,000 remains a crucial level for Bitcoin. If it loses this support, the next magnet could be the liquidation cluster between $76,000 and $77,000.