Bitcoin
Bitcoin breaks above 200-day moving average for first time since November
Bitcoin reclaimed a key long-term technical level for the first time in nine months, potentially signalling that its downtrend is weakening.
Bitcoin crossed above its 200-day moving average on Thursday for the first time since November, according to charting platform Barchart. The move came as the cryptocurrency climbed to nearly $73,000, roughly a month after reaching an all-time high above $126,000.
The 200-day moving average is widely monitored by traders as a gauge of longer-term market direction. A sustained break above this level is typically interpreted as a sign of bullish momentum and potential weakening of the broader downtrend that has persisted for months.
The rally coincided with the US Treasury Department's announcement that it would at least double its liquidity-support buybacks for longer-dated Treasury securities, raising the maximum from $2 billion to at least $4 billion per operation beginning September 9. Bitcoin has gained more than 13% since Wednesday's announcement. The Treasury move initially pushed long-term yields lower, helping bolster risk appetite across financial markets.
Standard Chartered's Geoff Kendrick suggested the Treasury announcement could help fuel a broader Bitcoin rally toward $100,000 by year-end. Spot Bitcoin ETFs also drew $517 million on Wednesday, marking their largest single-day inflow since early May.
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