Breaking: Bitcoin hits $80k for the first time since May as rally continues

Bitcoin extended its rally on Tuesday, hitting the $80,000 psychological level for the first time since May 4.

The rally comes as improving liquidity expectations continued to lift the broader cryptocurrency market.

Bitcoin has gained nearly 30% in the last 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 Bitcoin still flying, investors are now watching whether it can extend its rally and reach the $85,000 level.

Bitcoin rally persists as Treasury buyback expansion strengthens crypto rally

The primary catalyst behind Bitcoin's rally over the past seven days is the U.S. Treasury's decision to expand its debt buyback program.

Larger buybacks can support liquidity in the market for longer-dated Treasury securities, easing financial pressures and encouraging investors to increase their exposure to riskier assets.

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