Bitcoin climbed above the $71,000 threshold on Thursday, reaching intraday highs near $72,000 and posting its strongest levels since early June. The advance extended a rapid recovery that saw the cryptocurrency gain more than 10% over recent sessions after trading below $65,000 earlier in the week.
Market participants linked the move to improved risk sentiment following the Treasury Department’s announcement that it would at least double the size of liquidity-support buybacks for 10- to 30-year securities. The policy shift, effective from September through early November, initially pushed long-end yields lower and supported broader risk assets, including digital currencies.
Crypto-linked equities responded in kind. Shares of Coinbase Global, Strategy (formerly MicroStrategy), MARA Holdings, and Robinhood Markets advanced in early trading as bitcoin’s momentum spilled into the equity complex. Trading volumes in bitcoin futures and spot products also rose, reflecting both retail and institutional participation.
Analysts cautioned that the rally remains sensitive to shifts in Treasury yields, which began to rebound on Thursday as the initial impact of the buyback news faded. Geopolitical developments, including elevated oil prices tied to Middle East tensions, and the broader macroeconomic calendar, including weekly jobless claims, continue to influence near-term direction.
For investors, the episode underscores bitcoin’s continued correlation with liquidity conditions and risk appetite. While the break above $70,000 restores technical confidence for short-term traders, sustained gains will likely require confirmation from stabilizing yields and clearer signals on the path of monetary policy.