Bitcoin Surges 25% to Near $79,500 Amid ETF Demand and Treasury Policy Changes

Bitcoin has seen a significant surge in price over the past few days, increasing by about 25% from $63,000 to near $79,500. This growth is largely attributed to increased demand for U.S.-listed Bitcoin ETFs and a recent announcement from the U.S. Treasury to double long-term debt buybacks.

Experts are cautious about the market's momentum, however, as technical indicators show that Bitcoin is overbought and facing resistance near $81,000. Key levels to watch for include support around $77,500 and potential resistance at $81,200.

Institutional interest and developments on crypto legislation also contribute to market sentiment. Arthur Hayes has forecasted a price surge to $250,000 driven by increased liquidity injections from governments and central banks worldwide.