Bitcoin eyes $80k after weekly rally pushes BTC above key moving averages
Key takeaways
- Bitcoin, Ethereum, and XRP have gained nearly 20%, over 25%, and almost 30%, respectively, this week.
- Expanded U.S. Treasury debt buybacks have improved liquidity expectations and boosted demand for risk assets.
- Bitcoin trades around $76,800 after breaking above its 50-day, 100-day, and 200-day exponential moving averages.
Bitcoin, Ethereum, and XRP extended their rallies Friday as improving liquidity expectations continued to lift the broader cryptocurrency market.
Bitcoin has gained nearly 20% this week, while Ethereum has risen more than 25% and XRP has advanced almost 30%.
The rally gained momentum after the U.S. Treasury announced plans to double the size of certain debt buyback operations.
The decision eased liquidity concerns and strengthened demand for risk-sensitive assets.
With the three cryptocurrencies trading firmly higher, investors are now watching whether Bitcoin can reach $80,000, Ethereum can reclaim $2,500, and XRP can advance toward $1.50.
Treasury buyback expansion strengthens crypto rally
The U.S. Treasury's decision to expand its debt buyback program has helped improve sentiment across financial markets.
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