Autor Cointelegraph By William Suberg

Bitcoin (BTC) consolidated above $77,000 after Friday’s Wall Street open as gold joined the crypto rally to hit 14-week highs.Key points:Bitcoin and gold both hit their highest levels since May 15 against the US dollar.Analysis ties the strong performance firmly to US government debt policy.Polymarket odds of Bitcoin reaching $90,000 before 2027 reach 48%.Analysis: Bitcoin and gold gains not “surprise”Data from TradingView showed BTC/USD cooling after reaching its highest levels since May 15, still up nearly 6% on the day.BTC/USD one-hour chart. Source: Cointelegraph/TradingViewGold echoed the move, reaching multi-month highs of $4,632 per ounce, up 2.2% on the day at the time of writing. On a monthly basis, BTC/USD and XAU/USD were up 13% and 16%, respectively.BTC/USD vs. XAU/USD one-day chart. Source: Cointelegraph/TradingView“What’s happening now in gold and crypto should not come as a surprise,” market commentary The Kobeissi Letter wrote in a response on X.Kobeissi attributed the rapid gains in precious metals and crypto to a combination of inflation, deficit spending and US Treasury policy. Record government deficit spending and the Treasury Department’s pledge to at least double the size of certain debt buyback operations to $4 billion helped drive the rally in both asset classes, Kobeissi argued.Discussing Bitcoin’s reaction to the current macro landscape, trading company QCP Capital noted that the financial stress signals went beyond the US, highlighting surging Japanese government bond yields after a rare joint currency intervention in the yen earlier this month.“The most notable cross-asset signal this week has been the divergence after Treasury’s announcement. Treasuries initially rallied before giving back much of the move. BTC and gold did not retrace to the same extent,” it wrote in its latest Market Color analysis, adding:“That does not establish a new liquidity or monetary regime, but it does highlight the sensitivity of alternative assets to changes in long-end rates and the dollar.”Polymarket 2026 odds of $90,000 BTC near 50%As BTC price upside passed 20% over two days, consensus over potential targets through year-end began to improve. Data from prediction service Polymarket put the odds of BTC/USD hitting $90,000 before 2027 at 48% at the time of writing, up sharply since the start of the week. Odds of BTC/USD hitting $90,000 by Jan. 1, 2027 (screenshot). Source: PolymarketRelated: Strategy Bitcoin treasury hits breakeven point as BTC price passes $77KSome market participants, however, remained skeptical. Trader and analyst Rekt Capital stressed that Bitcoin needed to reclaim its 50-week exponential moving average (EMA) at $77,232, a trend line it rejected in January.“Break the Downtrend and Bitcoin will confirm entry into a new technical Macro Uptrend. Reject from here however and price will maintain its series of Lower Highs,” he told X followers. “History suggests there’s still time for price to continue its Downtrend.”BTC/USD one-month chart. Source: Rekt Capital on X.com

Bitcoin (BTC) hit $77,000 on Friday as business intelligence company Strategy’s corporate treasury returned to profit.Key points:Bitcoin reaches its highest level since May 26 as it revisits $77,000.Price returns above the cost basis for Strategy’s BTC corporate treasury at $75,385.Around 11% of the BTC supply constitutes a new band of support below $68,000.Strategy out of the red with Bitcoin at highest since MayData from TradingView showed new local highs above $77,400 prior to the week’s final Wall Street open.BTC/USD one-day chart. Source: Cointelegraph/TradingViewNow up around 20% in 48 hours, BTC/USD saw little by way of consolidation as it reclaimed a key level for Strategy, the world’s largest corporate Bitcoin treasury company. Data from monitoring resource BitcoinTreasuries puts the cost basis for Strategy’s holdings of 840,447 BTC at $75,385, currently with a year-to-date gain of approximately $450 million.Strategy Bitcoin treasury cost basis data. Source: BitcoinTreasuriesAs Cointelegraph reported, between Aug. 3 and Aug. 9, Strategy opted to sell a small portion of its treasury worth 1,690 BTC to repurchase 1.15 million shares of its STRC preferred stock for $108.6 million. The move represented the company’s fourth Bitcoin sale of 2026.Concerns over the long-term viability of the company’s Bitcoin investment thesis accompanied the sales, something that the subsequent BTC price run-up should help alleviate, independent crypto analyst William Clemente suggested.“Not only should Saylor/Strategy fears have been abated for a while once he showed that he was willing to sell BTC to rebuy STRC, but now after this price impulse they are even more over-collateralized by their BTC holdings,” he wrote on X, referring to former CEO Michael Saylor.In an interview with Fox News earlier in August, current CEO Phong Le stated that Strategy would return to buying Bitcoin before the end of the year.New BTC buy wall sits below $68,000Amid misgivings over the durability of Bitcoin’s volatile upside move, analysis from onchain analytics platform Glassnode revealed a new safety net forming below $70,000.Related: Bitcoin has ‘largely purged’ froth that preceded 50% drop from $126K: BlackRockSome 3.44 million BTC now have an onchain cost basis, also known as realized price, between $58,000 and $67,000. Of this, 2.23 million BTC — equal to around 11% of the total supply — was added over the past 11 weeks.“It’s the densest cost-basis cluster below spot — a key potential support zone on any retracement,” Glassnode cofounder Rafael Schultze-Kraft commented on X.Bitcoin UTXO realized price distribution data. Source: Rafael Schultze-Kraft on X.comBTC/USD broke through several key resistance levels this week, including its 200-day simple moving average (SMA) at $68,967, a key target to reclaim to end the long-term BTC price downtrend.

Bitcoin (BTC) saw multimonth highs after Thursday’s Wall Street open while stocks dipped and bond yields rebounded on US-Iran war nerves.Key points:Bitcoin builds on its highest levels in 11 weeks to hit $72,500 on Bitstamp.US bond yields see volatility after president Donald Trump threatens “economic warfare” with Iran.Bitcoin market participants question whether the rally has staying power.US bond yields reverse higher after Trump pledges “economic warfare” with IranData from TradingView showed BTC/USD retesting $71,000 before hitting new 11-week high of $72,505 on Bitstamp, up by more than 4% on the day.BTC/USD one-day chart. Source: Cointelegraph/TradingViewUS equities opened lower after US president Donald Trump threatened Iran with the “most crushing economic operation ever taken against any country,” calling it “Economic D-Day.”“This will be economic warfare and isolation on an unprecedented scale,” he wrote in a post on Truth Social amid frustration over the lack of a deal with the US on the Strait of Hormuz oil route.WTI crude oil reached $87.69 per barrel on the day, its highest since July 24.CFDs on WTI crude oil one-day chart. Source: Cointelegraph/TradingViewThe comments further appeared to cause a rebound in US government bond yields, which had fallen sharply the day prior after the US Treasury announced that it would at least double the size of its bond-market liquidity interventions from September.The 30-year yield traded as low as 5.179% on the day before rebounding to 5.266% — an increase of 9 bps, which nearly erased the previous downside. The 10-year bond yield also reversed the previous day’s drop.US 30-year bond yields one-day chart. Source: Cointelegraph/TradingViewThe Kobeissi Letter cast doubt on whether the intervention would be sufficient to calm markets. “It’s going to take a lot more intervention to tame this beast,” it wrote in a post on X. The Treasury confirmed in its announcement that it would revisit the size of debt buyback operations on Nov. 4.US 10-year bond yields chart. Source: The Kobeissi Letter on X.comAnalysis: Too early to call Bitcoin bull-market comebackAfter gaining nearly $10,000 over four days, Bitcoin left market participants skeptical about the durability of its newfound strength.Related: Bitcoin has ‘largely purged’ froth that preceded 50% drop from $126K: BlackRockIn ongoing X coverage, trader and analyst Rekt Capital argued that BTC/USD would need to sustain its gains to challenge the grip of the bear market.“Bitcoin will need to rally a lot more than what it has produced thus far if price is to invalidate the ‘weakening support’ idea. At the moment, technicals are pointing to $60k as a weakening macro support,” he wrote on Thursday.A further post noted that four-year BTC price cycle patterns would allow for a new macro BTC price low until the end of 2026.BTC/USD one-month chart. Source: Rekt Capital on X.comContinuing, Ki Young Ju, CEO of onchain analytics platform CryptoQuant, flagged the return of positive demand for Bitcoin on both spot and derivatives markets — a phenomenon not seen since October 2025, when BTC/USD saw its most recent all-time high of $126,200.“The scale remains modest, but if this holds for another month, it would be reasonable to conclude that the bear market is over and a new bull cycle has begun,” he told X followers.Previously, Cointelegraph reported on the lack of spot demand as a key missing catalyst for a sustainable crypto market reversal.Bitcoin demand growth data. Source: Ki Young Ju on X.com

Bitcoin (BTC) and altcoins are breaking records as short position liquidations pass $3 billion over two days.Key points:Crypto short liquidations since Thursday are in excess of $3.1 billion, per CoinGlass data.Bitcoin continues its upside reaction to a US Treasury liquidity intervention, approaching $72,000.Bitcoin short-term holders take profit on previously underwater positions and move 43,300 BTC.Two-day crypto short liquidations hit $3.1 billionData from CoinGlass shows ongoing crypto short liquidations at $3.1 billion for Aug. 19-20. Thursday’s tally was largest single-day wipeout of shorts ever recorded.Crypto liquidations history (screenshot). Source: CoinGlassOn Wednesday, BTC/USD led the charge by reacting to a liquidity intervention by the US Treasury with a price spike to the highest levels seen since the start of June. At the time of writing, upside continues, with the pair reaching local highs of $71,992 on Bitstamp, per data from TradingView.BTC/USD one-day chart. Source: Cointelegraph/TradingViewCoinGlass shows Bitcoin accounting for just over half of the total short liquidations at $1.65 billion.The numbers do not represent the largest crypto liquidation event if long positions are included. It is dwarfed by the $20 billion long liquidation cascade that followed Bitcoin’s reversal from the most recent all-time high of $126,200 in October 2025.In US dollar terms, data from CoinMarketCap puts Thursday’s total liquidations in seventh place historically, calculating the day’s long and short liquidations as $3.25 billion.Bitcoin speculators take profit as cost basis returnsBitcoin investors, meanwhile, capitalized on positions that were previously held at an unrealized loss.Related: HYPE jumps 20% as Trump signals legal US path for HyperliquidShort-term holders — wallets holding a UTXO for less than 155 days — sent a record 43,300 BTC in profit to exchanges in their largest profit-taking move of 2026, per onchain analytics platform CryptoQuant.Bitcoin STH profit and loss to exchanges (screenshot). Source: CryptoQuantAs of Thursday, the spent output profit ratio (SOPR) metric for the short-term holder (STH) cohort stood at 1.01, its highest since April. This reflects that the majority of coins in UTXOs from STH wallets moved at a higher price than in their previous transaction.Bitcoin STH-SOPR data. Source: CryptoQuantPreviously, Cointelegraph reported that the STH cohort’s aggregate cost basis, also known as the STH realized price, stood at $68,700. At the time, analysis warned that any price upside could be stifled by the urge of investors in this cohort to exit underwater positions.

Bitcoin (BTC) saw its highest levels since the start of June after Wednesday’s Wall Street open as markets reacted to a US government liquidity move.Key points:Bitcoin spikes 6% on the day to hit $69,749, its highest level since June 2.The US Treasury plans to at least double the maximum size of debt buyback operations to $4 billion. This might fuel a broader risk-asset rally.A lack of stablecoin liquidity on exchanges means that BTC price upside remains limited, says Bitfinex. Stablecoin liquidity has decreased by $14 billion since May.Bitcoin surges as US bond yields fall on buyback planData from TradingView showed BTC/USD passing $69,700 on Bitstamp, up 6% on the day.BTC/USD one-day chart. Source: Cointelegraph/TradingViewUS stock markets opened higher after the US Treasury Department announced that it would at least double the level of government debt buybacks, from $2 billion to a minimum of $4 billion per operation, beginning on Sept. 9. The US 30-year bond yield, which had hit its highest level in nearly 20 years on Tuesday, fell immediately on the news and was at 5.19% at the time of writing, down 9bps.“This increase in buyback operation sizes reflects Treasury’s desire to provide greater liquidity support in longer-dated nominal sectors where there is consistent strong sponsorship from market participants, as evidenced by the significant volume of high-quality offers Treasury routinely receives in longer-dated buyback operations,” an official press release stated.US 30-year bond yields one-day chart. Source: Cointelegraph/TradingViewIncreased debt buybacks mean that the US government will add liquidity as a buyer to the longer-term debt market. Earlier, analysts pointed to increasing corporate debt, especially in the AI sector, as one motivator of the yield surge. “This is NOT a debt paydown, it is just a rearrangement of the maturity schedule of Treasuries,” Peter Boockvar, chief investment officer at One Point BFG Wealth Partners, said, quoted by CNBC.The announcement comes as US national debt approaches the symbolic milestone of $40 trillion. On Tuesday, trading resource The Kobeissi Letter noted that interest payments on the debt pile had reached $1.4 trillion over the past 12 months alone, tripling since 2020.“If rates remain stable, interest payments are set to rise to $1.7 trillion by November 2028,” it forecast in a post on X alongside data from Bank of America.US Treasury interest payment data. Source: The Kobeissi Letter on X.comStablecoin liquidity keeping Bitcoin rebound in check: BitfinexDiscussing current BTC price strength versus the S&P 500, which hit new all-time highs last week, crypto exchange Bitfinex pointed to Bitcoin’s own liquidity problem. Stablecoin supplies on exchanges, it noted, had decreased by $14 billion since May.Related: Bitcoin has ‘largely purged’ froth that preceded 50% drop from $126K: BlackRock“Until stablecoin supply turns, the rally stays unfunded,” it told X followers.Stablecoin liquidity acts as “dry powder” waiting on the sidelines to be deployed into cryptoassets, and its absence reflects a belief among investors that major opportunities are not yet imminent.Data from onchain analytics platform CryptoQuant’s Stablecoin Supply Ratio (SSR) indicator, which measures Bitcoin’s market cap relative to the aggregate stablecoin market cap, reflects tightening liquidity conditions over the past six weeks in particular.A higher SSR means that stablecoin liquidity is leaving exchanges, and since June 30, it has risen from 9.82 to 11.69. The highest SSR reading of 2026 was observed on Jan. 14 at 12.83.Bitcoin SSR data. Source: CryptoQuant