Crypto Market Rallies on US Treasury Bond Buybacks
The cryptocurrency market has started to regain its strength and is showing signs of a potential bull run. The US Treasury Department announced that it will double the maximum size of its liquidity-support buyback operations for longer-dated nominal securities, which could lead to artificial demand for 10-year and 30-year bonds, lowering their yields.
Bitcoin has been trading above $69,000 and is approaching a key resistance level at $70,325. The King Crypto holds well above its 50-day Exponential Moving Average (EMA) at $64,766, and the reclaimed 23.6% Fibonacci retracement of the downswing from $82,850 to $57,800 at $63,711.
Ethereum has been extending a bullish breakout above both the 50-day and 200-day EMAs, with its price hovering around $2,200. The immediate resistance for ETH aligns with the 78.6% Fibonacci retracement of the downswing from $2,464 to $1,505 at $2,259.