Bitcoin Surges Past $80,000 as Treasury Auction Looms

Bitcoin's price surged past $80,000 on August 28 after breaking through a key resistance level of $79,000. This marked a significant milestone for the asset, pushing its market capitalization back to $1.61 trillion and positioning it for a potential 20% gain in August.

The price rebound came amid reports that the U.S. Department of the Treasury is set to auction $92 billion in three-month bills on August 31. According to 24-hour chart data, bitcoin rose gradually from under $77,900 to just above $79,000 on Wednesday night before hitting an intraday peak of $80,808.

Ray Dalio noted that Scott Bessent's debt policy could drive capital into alternative safe havens like Bitcoin. This comes as the U.S. Treasury has doubled bond buyback limits to artificially suppress long-term yields and tilted new debt issuance heavily toward short-term Treasury bills.