Bitcoin Blasts Past $79K as Analyst Says a New Bull Market Has Officially Begun

Following weeks of muted trading action‚‌ Bitcoin’s resurgence is changing short-term outlooks as the largest cryptocurrency climbed above $79,000 to its highest level since late May. The cryptocurrency’s latest ascent added over $11,000 to its‌ value in a period of almost 48 hours.

BTC▲$62,630.00 consolidated on several occasions after failing‌ to break above the $65,000 level. The coin pulled back to the‌ $62,000-$63,000 range before sharply reversing. Bitcoin shot past‌ the $70,000 mark and breached the $71,000-$72,000 resistance. It then saw another round of buying that pushed it towards‌ the $79,000 range.

This is about an 18% move in less than 48 hours, in a market that has largely traded within a much tighter‌ range than that in the past. To put this in perspective, according to data from CoinMarketCap, Bitcoin moved back to an approximate $75,000 level following this spike, indicating that most of the‌ spike was not immediately reversed.

The rally coincided with the US Treasury’s announcement that it would at least double the maximum amount of liquidity support buybacks in longer-dated nominal securities as the US Treasury moved to raise the cap from $2 billion to at least $4 billion for each operation from 9 September to 4 November. This initially pushed long-term yields lower and benefited risk assets, including Bitcoin.