Bitcoin Price Rips to $69,749: Here Is the Next Target
Bitcoin has broken out of a six-week range with the most violent daily candle since early June. BTC opened at $64,686, ran to an intraday high of $69,749, and sits at $68,761, up 6.20% on the day.
Why Bitcoin Price up today
The trigger came from the bond market, not from crypto. The US Treasury announced it will at least double the size of its long-dated buyback operations, from $2 billion to at least $4 billion per operation, starting 9 September. Long-end yields dropped immediately, the dollar weakened, and analysts nicknamed the move "QE Lite."
That mattered because $Bitcoin had spent the entire year losing a competition against a 30-year Treasury paying over 5% risk-free. Make the safe option less rewarding and capital rotates back into risk. The move was then amplified by roughly $10 billion of short liquidation liquidity sitting above the price, which turned a rally into a forced-buying cascade.
1. What just broke
The range that trapped Bitcoin since June is gone.
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