Bitcoin Surges Above $80,000 as US Treasury Bond Purchases and Trump Support Boost Rally

Bitcoin has broken above $80,000 for the first time since May, surging by around 24% over the past week according to ActivTrades' trading data. The move marks a sharp reversal from the weakness seen throughout much of the year and has sparked debate about whether Bitcoin is entering a new bullish phase.

The rally has been driven by several factors, including the US Treasury's decision to expand its purchases of long-dated government bonds, which provided an initial trigger. A weaker dollar, renewed concerns over US debt, and stronger institutional demand have also contributed to the move.

President Donald Trump's renewed support for the cryptocurrency industry has improved sentiment around the regulatory outlook, which is a significant factor in Bitcoin's rally.