Bitcoin reclaims $80K as Treasury buybacks loom
- Bitcoin (CRYPTO:BTC) climbed back above $80,000 after breaking $79,000 resistance.
- About $416 million in crypto positions were liquidated over 24 hours.
- Analysts said US Treasury debt policy could affect demand for bitcoin and gold.
Bitcoin (CRYPTO:BTC) reclaimed $80,000 on August 27 after breaking above $79,000 resistance.
The move lifted Bitcoin’s market value to $1.61 trillion as the cryptocurrency gained about 3% in 24 hours.
About $416 million in crypto positions were liquidated, with short positions accounting for $286 million.
The US Treasury plans to auction $92 billion in three-month bills on August 31, according to the report.
The Economist warned that Treasury Secretary Scott Bessent’s debt strategy could increase risks in the US bond market.
Investor Ray Dalio said the policy could reduce inflation-adjusted returns from bonds and push capital towards gold and Bitcoin.
Bitcoin had risen more than 20% in August by August 27, after trading almost flat during July.
At the time of reporting, Bitcoin price was $80,229.23.
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