Bitcoin Surpasses $77,000 as Crypto Market Experiences Strongest Week Since 2023

Bitcoin (BTC) has captured significant attention in the cryptocurrency market with a robust surge, surpassing the $77,000 level. This movement represents its highest point since May and marks its strongest weekly performance since March 2023. Gaining approximately 22% to 25% since the beginning of the week, Bitcoin has fueled widespread optimism across the market.

Several catalysts are behind this impressive rally. The announcement by US Treasury Secretary Scott Bessent to at least double the size of long-dated bond buyback operations significantly lowered long-term Treasury yields, thereby boosting overall risk appetite. Alongside this macroeconomic development, the market experienced a massive short squeeze, with billions of dollars in leveraged bearish bets on Bitcoin (and across other crypto assets) being forcibly liquidated, further accelerating the price increase. Some reports indicate that over $2.5 billion in short positions were cleared in just a few days.

Furthermore, interest in US-listed spot Bitcoin exchange-traded funds (ETFs) has intensified, with reports of over $1 billion in net inflows into these ETFs this week. Meetings between US Republicans and crypto industry leaders, coupled with the US Securities and Exchange Commission's (SEC) proposed rulemaking for token offerings, have fostered expectations of a more favorable regulatory environment. The return of institutional buyers and the accumulation of approximately $2.75 billion worth of Bitcoin by large holders (whales) over the past 60 days also contributed to the upward momentum.

This broad market movement allowed Bitcoin to break above its 200-day simple moving average near $68,967, establishing significant support around the $68,000 level. While Bitcoin's market dominance remained stable, altcoins such as Ethereum (ETH), Solana (SOL), XRP, and Dogecoin (DOGE) also recorded substantial gains, mirroring Bitcoin's upward trajectory. The total global cryptocurrency market capitalization surged by 6.6% to 7.44% in 24 hours, reaching $2.6 trillion.

These developments follow months of low volatility and consolidation in the crypto market. Analysts suggest the market has entered an “extremely bullish” territory, with Standard Chartered analyst Geoffrey Kendrick even positing that his year-end Bitcoin forecast of $100,000 might be too conservative, and an overshoot towards its all-time high of around $126,000 (seen in October 2025) could be possible. However, some analysts point out that gold also rallied on Treasury buybacks, suggesting that the real macro signal might be in the gold market, and Bitcoin's price appreciation could be inflated by the short position liquidations.

Looking ahead, the continuation of US Treasury bond buyback operations and increasing regulatory clarity for cryptocurrencies could further strengthen market momentum. Investors will closely monitor psychological resistance levels, particularly around $80,000, and potential short-term pullbacks. Market participants will assess whether this rally signifies the beginning of a new bull market, with macroeconomic factors and sustained institutional interest playing critical roles.