Bitcoin Surges Past $77,000 on Treasury and Blackrock Catalysts

Bitcoin's strongest weekly performance in dollar terms has been recorded after it gained $14,264 in just one week, ending at $77,387. This surge makes it the largest weekly gain since Bitcoin began trading, despite larger percentage swings having occurred in earlier years when the market was worth less.

The price movement was significant because even a modest percentage swing translates into a five-figure dollar move due to its current high levels. After the candle closed, Bitcoin's price pushed as high as $81,000, touching a three-month high before easing back to the $79,000 region.

Traders pointed to two specific catalysts behind the move: the U.S. Treasury's decision to at least double its long-end liquidity-support buybacks and Blackrock's iShares Bitcoin Trust exchange-traded fund (IBIT) seeing its largest retail 'buy skew' in two years, indicating that ordinary investors piled back in during the rally.

Galaxy Research has been watching Bitcoin's 50-week moving average to gauge what comes next. In 11 of 13 completed bear markets since 2011, a weekly close above $82,470 lined up with the cycle bottom already being in. A close above roughly $82,500 would put Bitcoin in territory that Galaxy's own model treats as historically reliable for confirming a bottom.

Strive chairman and CEO Matt Cole was one of the more bullish reads on the move, stating that 'the next bitcoin cycle will be the strongest we have ever seen', pointing to Bitcoin's performance against the dollar and gold as evidence it is behaving differently than in past cycles.