Bitcoin Surges Past Resistance as Treasury Boosts Bond Buyback

The price of Bitcoin has broken above a descending triangle pattern that had capped its growth since May, signaling a constructive breakout from months-long consolidation. The move triggered a record $2.74 billion in 24-hour short liquidations, making it the largest single day short liquidation on record.

According to Coin Edition, BTC traded at $69,808.01 on August 20, up 0.73%, and coincides with the Treasury doubling its long-term bond buyback program to at least $4 billion per operation. This macro catalyst may boost crypto risk appetite and adoption of Bitcoin.

The breakout has turned the BTC price prediction constructive after touching levels not seen since early June. The move triggered a massive wave of forced short covering in crypto's history, even bigger than the shorts wiped out during last October's record crash.