Bitcoin surged toward $79,000 on Friday, extending a sharp rebound that has rapidly changed the tone of the crypto market after weeks of weak price action.
BTC briefly crossed the $79,000 level during the session, according to market reports, after gaining more than 5% on Thursday and roughly 7% on Wednesday. The move has taken Bitcoin from around $65,000 earlier this week into the high-$70,000 range, marking one of its strongest short-term rallies of 2026.
The recovery has also pushed Bitcoin well beyond the $69,000–$70,000 resistance zone highlighted in Coinpaper’s recent Bitcoin outlook, turning an area that had capped previous recovery attempts into an important level to watch on any pullback.
Treasury Intervention Helps Trigger Bitcoin Rally
The first major catalyst came from an unexpected intervention in the U.S. government bond market.
The U.S. Treasury said it would at least double the size of buybacks for government securities maturing between 10 and 30 years, increasing individual operations from $2 billion to at least $4 billion beginning in September. The move followed a violent selloff in long-duration Treasuries that had pushed the 30-year yield to levels not seen since 2007.
Long-term yields initially dropped following the announcement, while the dollar weakened. That combination helped assets such as Bitcoin and gold as traders interpreted the Treasury’s intervention as another sign that policymakers were becoming increasingly uncomfortable with high borrowing costs.
Reuters reported that the initial crypto move was then amplified by short covering after weeks of unusually narrow trading. Bitcoin first broke above $70,000 for the first time since June before the rally accelerated further.
Trump and the CLARITY Act Add Another Catalyst
Washington also supplied a second tailwind.
President Donald Trump renewed pressure on Congress to advance the CLARITY Act, legislation designed to establish clearer jurisdiction over digital assets between the SEC and CFTC. His remarks reinforced expectations that the administration will continue pushing for a more defined U.S. crypto regulatory framework.
That is particularly relevant after the Senate’s earlier failure to resolve negotiations before its August recess. Coinpaper’s coverage of the CLARITY Act noted that September had become the next major window for lawmakers to reach a compromise.
Underlying demand may also have helped magnify the rally. Earlier this month, more than 38,000 BTC flowed into accumulation addresses with an estimated cost basis near $70,000, according to Coinpaper’s analysis of whale accumulation. With Bitcoin now above that level, a large portion of those recent buyers has moved back into profit.
The question now is whether BTC can hold the breakout after such a rapid move. A sustained position above the low-$70,000s would strengthen the recovery structure, while failure to hold recent gains could invite profit-taking after one of Bitcoin’s strongest rallies in months.
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