Bitcoin briefly broke above $69,000 after the U.S. Treasury announced it would double its long bond buybacks, triggering a rapid rally from a $64,124 low and liquidating approximately $1.29 billion in short positions within one hour. The surge marked bitcoin’s steepest one-day climb since March, with trader ChangHwan Kim noting the move on X as a “powerful rally.”
Standard Chartered’s head of digital assets research, Geoff Kendrick, called the Treasury’s move “exactly the type of thing Bitcoin loves.” He advised investors to position for a move to $100,000 by year-end 2026, though the bank cut its year-end target from $150,000 to $100,000 in February. Meanwhile, the Federal Reserve’s minutes leaned hawkish, holding rates at 3.50%-3.75% on a fractured 9-3 vote, with three regional presidents dissenting for a hike over AI-driven inflation fears.
Trader timoassi posted that the Treasury’s buyback doubling was the catalyst, with operations running through November 4 in thin liquidity. “The biggest catalyst this week is still the FOMC minutes,” trader nelanontwtt posted before the release, though the subsequent hawkish tone prompted chartist ZKChartAnalyst to question if a “liquidity grab higher” precedes a leg down.
ETF inflows reached $298 million, reversing a three-day outflow streak, according to trader bit_golder, putting bitcoin back at $68,565. Trader relentlessbid noted the Treasury announcement as a “decent catalyst” for a “proper suckers rally,” while trader _sol_moonboy countered that the bounce was “nothing new” and bitcoin remains bearish.
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