Crypto Overview: Bitcoin eyes $70,000 on US Treasury bond buybacks – ETH, HYPE, TRUMP lead gains

• Bitcoin eyes $70,000 on Thursday, following a 7% rise the previous day.
• A surprise US Treasury announcement to double long-term bond buybacks lowered yields and renewed risk-on sentiment in the crypto market.
• Ethereum, Hyperliquid, and Official Trump recorded double-digit gains over the last 24 hours.

The broader cryptocurrency market is regaining strength, pointing toward a renewed bull run. The US Treasury Department announced on Wednesday that it will buy back more of its longer-term bonds, in an effort to curb a sharp increase in borrowing costs. 

US Treasury doubles long-term bond buybacks

US Treasury announced that it would at least double the maximum size of its liquidity-support buyback operations for longer-dated nominal securities, as previously reported by FXStreet. The current maximum of $2 billion per operation will be increased to at least $4 billion per operation. This temporary workaround creates artificial demand for 10-year and 30-year bonds, lowering their yields.

Technical outlook: Could Bitcoin surpass $70,000?

Bitcoin trades around $69,576 at press time on Thursday, reflecting a bullish near-term bias after a 7% surge the previous day. The King Crypto holds well above the 50-day Exponential Moving Average (EMA) at $64,766, and the reclaimed 23.6% Fibonacci retracement of the downswing from $82,850 to $57,800 at $63,711.