Bitcoin Blasts Past $68K as 6% Rally Puts $70,000 Within Reach

Bitcoin jumped above $68,000 on Wednesday, extending a dramatic intraday recovery as risk assets climbed with US government bonds. The largest digital coin cut through the resistance level around $68,000 that has repeatedly tripped up a recovery over the summer, triggering fresh focus on $70,000.

When the market closed, BTC▲$62,630.00 was quoted at about $68,750, up 6.1% on the day. It had opened the day around $64,000-$65,000 and buying accelerated as the day progressed.

Including the advance, the asset managed to hit just under $69,700, or less than 1% below $70,000. Additionally, CoinMarketCap data suggests the 24-hour trading volume during the movement was around $30.7 billion, a more than 42% increase that suggests the advance was met with some increased activity.

The rally came amid rising sentiment in financial markets after the US Treasury said it would at least double the maximum size of operations in the 10- to 20-year and 20- to 30-year key maturity sectors from $2 billion (up from the current maximum of $2 billion) to at least $4 billion between September 9 and November 4.

The announcement helped reverse a small rise in US government bond yields after traders had sold off the bonds. The 30-year Treasury yield had risen to 5.34% on Tuesday, its highest level since 2007, but on Wednesday fell to 5.187% at one stage. The benchmark 10-year yield eased to around 4.65%, with softer long-term yields and gains in a range of risk-sensitive markets, including equities and Bitcoin.