The cryptocurrency, Bitcoin, has surged to nearly $70,000 in early trade on Thursday, a level it has attained for the first time since early June 2026. The Bitcoin has now broken out of its recent range.

Later, the crypto eased to $69,280.15. However, it remained up 7.71 percent over the past 24 hours and 9.04 percent for the week, adding nearly $190 billion to the total cryptocurrency market capitalisation.

Speaking on the rally in the crypto market, Balaji Srihari, VP – Business, India, CoinSwitch said, “BTC climbed to $69K, while ETH surged around 10%, as improving liquidity conditions and signs of potentially more supportive U.S. crypto regulation lifted sentiment. The U.S. Treasury doubled the size of certain long-term bond buybacks, which could add liquidity to financial markets, while the SEC proposed exemptions that may ease capital raising for some crypto projects.”

“The move was further accelerated by $1.59 billion in crypto liquidations. BTC has now broken out of its recent range. Holding $68K–$69K is key, with a clean break above $70K potentially opening a move toward $75K.”

Prateek Gupta, Head of Business, Mudrex said Bitcoin rallied from around $64,000 to $70,000, its highest level since June 2, after the US Treasury doubled its long-dated debt buybacks to at least $4 billion per operation. The move pushed the 30-year Treasury yield down to around 5.2%, easing liquidity concerns and making risk assets attractive. Additionally, Trump’s push to pass the CLARITY Act also improved the market sentiment, further amplifying the buying pressure.

“The rally triggered a record $1.1 billion in Bitcoin short liquidations, surpassing the previous $757 million record from May 2021. At the same time, Bitcoin ETFs attracted $486 million in two days, indicating renewed institutional appetite. However, investors must remain cautious as Bitcoin needs a close above $70,000 to sustain the current breakout. Any pullback from the current levels could retest the $65,000 zone.”

Nischal Shetty, Founder, WazirX said, “Global macro conditions remain constructive for crypto as US Treasury buybacks lowered 10-year and 30-year yields to 4.64% and 5.18%, improving bond liquidity and risk appetite. The dollar’s 0.76% decline further supports demand for dollar-denominated digital assets. However, UK inflation at 2.9% and Brent crude above $92 may delay monetary easing. Federal Reserve officials remain open to higher rates, although markets see limited tightening ahead. Overall, liquidity signals support crypto, while energy-driven inflation remains the main constraint on near-term momentum.”

“Bitcoin trades near $69,673.80 with a constructive daily structure. Immediate support sits around $69,000-69,300, while $69,700-$70,000 forms the first resistance zone. Holding support could preserve buyer control, whereas a sustained move above $70,000 may strengthen momentum. A drop below $69,000 would shift attention to secondary support around $68,500-$68,800 over the coming sessions.”

(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. Times Now Digital suggests its readers/audience to consult their financial advisors before making any money-related decisions.)

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