BTC Surges to $75k, Analysts Pin Rebound on Bond Buybacks and Stablecoin Shift
Bitcoin's price has surged to $75,723, marking its highest level since May. The asset has broken above $70,000 and has been on a steady rise since August 19, when it was trading at $64,111.
The rebound is attributed to several factors, including the US Treasury Department's expansion of its bond buyback program, which has lowered long-term Treasury yields and increased appetite for risk assets like Bitcoin. Additionally, derivatives have triggered liquidation of short positions, pushing BTC above $70,000.
A decrease in stablecoin supply on exchanges by 14 billion since May has also contributed to the surge, as investors use stablecoins to pump funds into digital assets like Bitcoin.
According to analyst Ted, BTC has broken the bull market support band and the downtrend channel, placing it in a bullish market structure. If the asset can hold above the $67,000, $70,000 region, it could reach the $75,800 resistance soon, driven by whale accumulation.