Bitcoin Breaks Above $80,000 as Treasury Buybacks Expand; Weekly Gain Near 30%

Bitcoin climbed above $80,000 for the first time since May 4, extending a powerful advance that has lifted the wider crypto complex. Over the past week, BTC is up nearly 30%. Ethereum has gained more than 25%, and XRP has risen about 30%. The move followed a U.S. Treasury announcement that it plans to double the size of certain debt buyback operations. Bigger buybacks can relieve liquidity pressure in longer-dated Treasuries, easing financial stress and typically supporting risk appetite. The shift also coincided with a burst of short liquidations, as bearish positions were forced to cover, adding to demand across major tokens. From a technical perspective, Bitcoin's rally has been supported by strong volume and a clean break above key moving averages. Momentum remains positive, with the MACD firmly in bullish territory. The RSI has surged to around 85, signaling an overheated market that can still push higher but may be prone to a pause or pullback. Key levels: Immediate resistance sits at $82,689; a daily close above that level would reinforce the bullish case. On the downside, BTC remains above its 50-, 100- and 200-day EMAs, clustered roughly from the mid-$60,000s to the mid-$70,000s, which may serve as initial support if momentum cools. A deeper retreat would put horizontal support in the low-to-mid $60,000s in focus, along with a structural floor near $62,300. For now, bulls retain control, and the path higher remains open if Bitcoin can clear $82,689 and stay above longer-term EMAs. At the same time, stretched momentum and the elevated RSI increase the likelihood of short-term profit-taking or consolidation. Traders will be monitoring daily closes near resistance, whether volume continues to confirm the breakout, and how Treasury liquidity operations shape broader risk sentiment. Bottom line: Expanded Treasury buybacks helped spark this week's crypto surge, pushing Bitcoin through key technical levels. Sustained strength above major moving averages and a breakout past $82,689 could keep the uptrend intact, though a pullback toward established EMA and horizontal supports remains plausible.