Bitcoin Surges Past $80,000 as Crypto Rally Continues
Bitcoin's price has surged to over $80,000 for the first time since May, climbing more than 4% in the past 24 hours. This marks a continuation of its seven-day advance, which now stands at roughly 25%. The CoinDesk 20 index also added 2.7% on the day.
The crypto rally began last week after the U.S. Treasury announced plans to double the size of buybacks for long-dated bonds. Analysts at Bitfinex are cautious, however, noting that $3 billion in short positions were liquidated in two days while bitcoin network transactions remain near eight-year lows.
Futures positioning remains firmly bullish, with long positions accounting for more than 51% of total taker flow. Bitcoin traders have shown restraint when it comes to leverage, with total futures open interest remaining in the low-700,000 BTC range.