Bitcoin’s Fast Climb Above $75,500: Start of a New Bull Phase or Just a Squeeze?
- Bitcoin breaks above $75,500 as Treasury buybacks and ETF inflows fuel today’s rally.
- More than $3 billion in crypto shorts were liquidated as Bitcoin climbed past $75,000.
- Bitcoin must hold $70,000 and absorb profit-taking to confirm a broader price breakout.
Bitcoin has broken above $75,500 after a sharp rally lifted it to its highest level in more than three months. The advance followed larger U.S. Treasury buybacks and renewed inflows into Bitcoin ETFs. Heavy short liquidations added further momentum to the move.
Bitcoin’s advance began on August 19, when the U.S. Treasury announced plans to at least double its long-term bond buybacks. BTC then moved above $70,000 on August 20 before climbing through $72,000 and later reaching above $75,500.
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