BTC is showing a robust rebound, with its price surging to $75,000 for the first time since May, according to metrics released by market watchers. The asset currently trades at $75,723, a significant bounce from the June 30 low of $58,856. The move comes amid Bitcoin’s continued rebound, highlighted by an 11.6% rise over the past 24 hours, climbing from $64,111 yesterday, August 19, to $75,751 today. The break above $70,000 comes after more than two and a half difficult months, following its drop from $70,599 on May 31.
Critical Reasons for Bitcoin Rebound Above $70k
The flagship cryptocurrency has climbed to its highest level since the end of May, currently trading above $75,000, ending weeks of consolidation over the last two and a half months. The asset currently trades at $75,775, after recording an increase of 20% in the past seven days, rising from the $64,000 level, fueled by developments like the US Treasury bond buyback program and White House’s supportive crypto policy signals, including other factors such as a large short squeeze and a decrease in stablecoin supply.
The US Treasury Department’s move to expand its bond buyback program twofold has helped lower long-term Treasury yields and, as a result, increase appetite for risk assets like Bitcoin. Secondly, BTC surged after derivatives triggered liquidation of short positions, pushing BTC price above $70,000. The third factor is the reduction of stablecoin supply on exchanges by 14 billion since May, according to Bitfinex analysts’ market revelation, suggesting investors have been massively using stablecoins to pump funds into digital assets like Bitcoin.
Can BTC Reach $80,000 Next?
With its latest remarkable surges, Bitcoin is once again drawing attention from the crypto market. By holding above the $62,000-$64,000 support zone over the past three weeks since the beginning of this month, the flagship cryptocurrency has shown renewed strength, aiming to push toward new highs. Holding around the support level for such a protracted time signals a long opportunity as the asset searched for its next target at $67,000.
After a two-and-a-half-month period of consolidation, BTC’s price has surprisingly climbed to the $ 70,000 mark, catalyzed by developments (highlighted above), and has reclaimed the bull market support band that had hindered all recoveries since May. According to analyst Ted, BTC has broken the bull market support band and the downtrend channel, meaning the asset is in a bullish market structure, preparing to move further up. According to the analyst’s projection, if the asset can hold above the $67,000 – $70,000 region, it could reach the $ 75,800 resistance soon, driven by whale accumulation, which is boosting confidence in higher prices in the coming days.
 
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