Bitcoin's recent advance followed its strongest week in two years, during which it climbed roughly 23% from $62,836.88 to $77,226.96. That surge began after the Treasury announced it would at least double the size of its buyback operations for longer-dated securities, which pushed yields lower and eased pressure on risk assets. The move also triggered a short squeeze that liquidated roughly $2.7 billion in crypto short positions, according to CNBC. Even after those gains, bitcoin has not recovered to its 2026 peak of $94,820, set in mid-January, nor to its record high of $126,198 from October 2025.