Bitcoin Surges to 3-Month High at $81,455 Before Retreating

Bitcoin has reached its highest level since May 15, briefly touching $81,455 overnight before pulling back below $81,000. This marks a new milestone for the cryptocurrency, which has been gaining momentum since the Treasury's bond buyback announcement on August 19.

According to CoinDesk, Bitcoin has gained over 20% in this period, while Nasdaq 100 futures have traded sideways. The divergence between these two markets is significant, as it suggests that traders are becoming increasingly bullish on Bitcoin.

The overnight high also coincides with a rise in silver prices, which are up 1.5%. This has helped to maintain the 'debasement trade,' where investors are seeking safe-haven assets like precious metals and cryptocurrencies.