Bitcoin just had its strongest week since March 2023. BTC climbed as high as $79,400 on Friday and traded near $77,000β78,000, up almost 24% since Monday β a rally that traces back to a single Wednesday announcement from the US Treasury.
π° The Numbers
| Metric | Figure |
|---|---|
| Weekly gain | ~23β24% (best since March 2023) |
| Friday intraday high | $79,400 |
| Starting price (Monday) | ~$62,800 |
| Derivatives liquidated (Wednesday) | $3.3β3.5 billion (7th-largest liquidation event ever) |
| Total crypto market cap | $2.45 trillion (+$210B this week) |
| Spot ETF inflows this week | $1.61 billion (highest weekly total YTD) |
π¦ What Actually Triggered It
On Wednesday, Treasury Secretary Scott Bessent announced the department would at least double its long-dated bond buybacks β to $4 billion or more per operation, running from September 9 through November 4. Officials describe it as a liquidity-smoothing measure resembling a modern βOperation Twist,β not quantitative easing or formal yield-curve control. Still, the signal was enough: the 30-year Treasury yield fell sharply, the dollar weakened, and traders read it as a sign more aggressive liquidity support could follow β triggering a short squeeze that forced billions in leveraged short positions to cover.
πΊπΈ Trumpβs White House Meeting Added Fuel
The same day, President Trump met with crypto industry executives β including leaders from Coinbase and Payward (Kraken) β and urged the Senate to pass the CLARITY Act, the stalled crypto market structure bill. Crypto-linked stocks jumped on the news: Coinbase and Circle both rose more than 9%, and Strategy (formerly MicroStrategy) added 7%.
π€ Is This the Bottom, or Just a Squeeze?
Analysts are split. βThis is generally what bottoms look like,β said Mati Greenspan, founder of Quantum Economics, pointing to Bitcoin breaking key resistance at $66,000 and its 200-day moving average. But others are more skeptical: Adam Morgan McCarthy of LO:TECH noted more than half of Wednesdayβs gain landed within a single hour on a third of the dayβs volume β a hallmark of forced short-covering rather than organic demand. He also pointed out that gold, which rallied cleanly to its highest level since May on the same Treasury news, βcarries this weekβs real macro signal,β without the forced-buying distortion inflating Bitcoinβs move.
π Still Well Below Highs
Despite the rally, Bitcoin remains well below its 2026 high of $94,820 (mid-January) and its all-time high of $126,198, set on October 6 last year.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrency markets are highly volatile. Consult a licensed financial advisor before making investment decisions.
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