Treasury's Bond Buyback Plan Sends Bitcoin Prices Soaring
The US Treasury's plans to expand its long-end bond buybacks have Bitcoin traders eagerly awaiting the outcome. The current price of Bitcoin stands at around $79,100, with a potential break above $83,000 potentially strengthening analyst scenarios targeting $100,000.
BlackRock's iShares Bitcoin Trust (IBIT) has attracted over $3.81 billion in inflows this quarter, despite the recent recovery of Bitcoin prices. The fund's assets under management have risen to $62.6 billion, near their highest level since mid-May.
The Treasury Department is expected to announce its decision on the size of the buyback program on Wednesday, with Scott Bessent stating that it will be at least double the previous announcement of $2 billion. Analysts believe that any attempt to lower bond yields through buybacks would be net positive for Bitcoin prices.
CryptoGoos predicts that a break above $83,000 could open the door to a move toward $100,000, while a decline below support could trigger a retest of $72,000. Meanwhile, Ted Pillows notes that a golden cross has formed on the daily timeframe for Bitcoin, which could indicate a positive trend.