Bitcoin Jumps Nearly 30% as U.S. Treasury Buybacks Boost Risk Appetite

Bitcoin reclaimed the $80,000 level this week, hitting its highest point since May 4 as a liquidity-led rebound lifted major cryptocurrencies. Over the past seven days, BTC has climbed almost 30%. Ethereum has gained more than 25%, and XRP is up about 30%. What drove the rally The move followed a U.S. Treasury announcement that it plans to double the size of certain debt buyback operations. Larger buybacks can reduce strain in longer-dated Treasury markets, improve liquidity, and nudge investors toward risk assets. The upswing was amplified by a wave of short liquidations as bearish positions were forced to cover. Technical setup The breakout has been supported by solid trading volume. Bitcoin is trading above key exponential moving averages: the 200-day EMA at $71,545, the 100-day EMA at $66,727, and the 50-day EMA at $65,286. That structure supports a bullish near-term view. Momentum signals remain constructive. MACD is firmly positive, while RSI is stretched near 85, pointing to overbought conditions and an elevated risk of a pause or pullback. Levels to watch Resistance: $82,689. A decisive daily close above this level would strengthen the bullish case and could set up a push toward the psychological $85,000 area. Support: the 200-day EMA near $71,545. Holding above it would keep the bullish structure intact. Deeper support: the 100-day EMA ($66,727) and the 50-day EMA ($65,286), with a broader floor around $62,300. A sustained break below $62,300 would undermine the wider bull thesis. Outlook Bulls still have the upper hand, but an overbought RSI and stretched momentum increase the odds of near-term profit-taking or consolidation. If BTC holds above the 200-day EMA and clears $82,689, additional upside toward $83,000–$85,000 looks achievable. If it fails to defend the 200-day EMA, attention shifts to the mid-$60,000 support zone. Bottom line The Treasury's expanded buyback plans have helped revive risk-taking across crypto markets, and Bitcoin's technical picture has improved. Traders will be watching overbought signals and the key support and resistance levels that may shape the next move.