Bitcoin (BTC) broke through the psychologically important level of $70,000 for the first time since June 2. This surge, which took 78 days, was the result of a confluence of several macroeconomic factors and an unexpected statement from the White House about potential purchases of the first cryptocurrency.
Today, quotes briefly tested the $70,000 mark on Binance, reaching $70,022 on Coinbase. Just two days ago, the asset was trading below $64,000, and in early July it was even around $62,000. Such a rapid momentum triggered a cascade of liquidations: within one hour, traders betting on a decline lost $1.23 billion. Particularly telling was the case of a large player on Hyperliquid, who closed a short position of 1,800 BTC, recording a loss of approximately $117 million.
Momentum from Washington
The first push to the market came from a statement by the U.S. Treasury Department about plans to double the volume of long-term bond buybacks—at least $4 billion per operation. The yield on 30-year government bonds, which had previously reached a high since 2007 at 5.337%, began to decline. Cheaper long-term financing traditionally supports assets that do not generate direct income, which includes bitcoin.
However, the key driver was Donald Trump's rhetoric. At a White House meeting dedicated to digital assets, the president did not deny the prospect of the administration accumulating a "significant" amount of bitcoin. He directly linked this idea to strengthening the dollar, stating: "It's being discussed. It turned out to be very, very good for the dollar. If there are concrete proposals, I will definitely consider them."
It is important to note the context: in March 2025, the Strategic Bitcoin Reserve was created, which is replenished exclusively with confiscated coins. A purchase on the open market would be an unprecedented step, which explains the investors' such a vigorous reaction.
The Fed Does Not Interfere
The Federal Reserve System also did not create obstacles for the rally. In the minutes of the July meeting, although "elevated" inflation is noted, no hawkish signals were voiced, except for three known opponents. The probability of a rate hike in September dropped to 34%, and the dollar weakened. The combination of falling bond yields, a neutral regulator stance, and a president contemplating buying BTC forms an extremely favorable environment for growth.
It is telling that bitcoin is breaking the trend of this year, when gold confidently outpaced the first cryptocurrency: the yellow metal gained 33%, while BTC lost 46%. Now we are witnessing a shift in the narrative.
My view: Trump's words are so far only a probe, not a concrete plan. However, the very fact of discussing the purchase of bitcoin at the state level changes the paradigm of perception of the asset. Holding the $70,000 level in the coming days will be a test of strength—if the bullish momentum persists, we may see a move toward new local highs, but without consolidation above this mark, the risk of a pullback remains high.