š“ Breakout after weeks of pressure.. Bitcoin going up?
š After weeks of trading within a tight range, Bitcoin was moving between 61,500 and 65,000 before it broke the range strongly to the upside and entered a fast rally wave, bringing it close to the 70,000 level.
šŗšø The key spark was the U.S. Treasury announcement to double the size of some long-term bond buyback operations, from $2 billion to at least $4 billion per operation, aiming to support bond market liquidity.
š After the announcement, yields on U.S. long-term bonds fell, and the dollar weakenedāhelping improve risk appetite in the markets.
š„ And with Bitcoinās rise, massive liquidations hit Short positionsāabout $1.4 billion in 4 hoursāwhich is what sped up the upward move.
š Result: Bitcoin rose by more than 6% and approached 70,000, while Ethereum jumped by more than 16%.
ā ļø Simply put: the bond move was the spark.. and the Short liquidations are what accelerated the explosion.
š After weeks of trading within a tight range, Bitcoin was moving between 61,500 and 65,000 before it broke the range strongly to the upside and entered a fast rally wave, bringing it close to the 70,000 level.
šŗšø The key spark was the U.S. Treasury announcement to double the size of some long-term bond buyback operations, from $2 billion to at least $4 billion per operation, aiming to support bond market liquidity.
š After the announcement, yields on U.S. long-term bonds fell, and the dollar weakenedāhelping improve risk appetite in the markets.
š„ And with Bitcoinās rise, massive liquidations hit Short positionsāabout $1.4 billion in 4 hoursāwhich is what sped up the upward move.
š Result: Bitcoin rose by more than 6% and approached 70,000, while Ethereum jumped by more than 16%.
ā ļø Simply put: the bond move was the spark.. and the Short liquidations are what accelerated the explosion.