Bitcoin (BTC) moved above the $80,000 mark for the first time since May 15, continuing its recovery, which gained momentum in crypto markets over the past week.
The largest cryptocurrency rose by about 38% from its late-June/early-July lows, when it briefly fell to below $58,000.
The latest upward wave has renewed demand from traditional investors. U.S. spot Bitcoin ETFs attracted inflows of about $1.9 billion last week, the strongest weekly performance since October 2025.
The broader crypto market’s recovery accelerated last week as U.S. Treasury yields fell, providing some relief after months of tight financial conditions. The U.S. Treasury expanded its plans to buy back long-term government bonds through early November, funding those purchases by issuing more short-term debt.
The final push toward $80,000 came on Monday after the Treasury indicated that it could rely on its General Account—approaching $1 trillion (the U.S. government’s current account)—to finance these repurchases.
All eyes are now on the macroeconomic outlook, with several important events this week, including the release of the Federal Reserve’s preferred inflation gauge: the Personal Consumption Expenditures (PCE) price index.
“The Core PCE index will be closely watched for signs of whether underlying price pressures are easing. A reading stronger than expected could support Treasury yields and the dollar, while weaker inflation could reduce expectations for further monetary tightening,” said Thadeu dos Santos, regional manager at forex broker Infinox.
Key points summary:
- Bitcoin surpassed $80,000 for the first time since May 15, extending its rebound from the June selloff.
- The U.S. Treasury Department’s plans to try to cap or lower long-term interest rates helped fuel the crypto rally after its summer slump.
U.S. spot Bitcoin exchange-traded funds recorded inflows of $1.9 billion last week, the strongest since October 2025.