Will it happen this time?
We are rising today, and Bitcoin is getting close to the important $67K barrier. As you can see on the daily chart, this is the first hurdle we need to take in order to leave the bears behind.
If we can break through this time, the next hurdle will be around $78–80K. Once we cross that level sustainably, we can finally look up how to spell BULL MARKET again.
By the way, gold is also up 3.5% today and I will tell you why:
Background to today’s BTC and Gold jump is the U.S. Treasury announcing that it will double the size of its longer-dated bond buyback operations starting in September. The move comes as long-term Treasury yields have surged, with the 30-year yield recently reaching its highest level since 2007. (Reuters)
So how does the U.S. pay for buying back its bonds? The Treasury says the buybacks will be financed through its broader debt-management operations not simply by “printing money.” But from a broader market perspective, the message is clear: liquidity is back on the radar, and the debasement trade is back in play.
