Bitcoin’s 24% rally faces $70K test as yields rebound: analysts

Bitcoin’s strongest weekly advance since March 2023 pushed the asset close to $80,000, but analysts said further gains may depend on easing US bond yields, continued spot ETF demand, and progress on the CLARITY Act. Summary Bitcoin gained roughly 24% last week and reached a three-month high near $79,550. US spot Bitcoin ETFs recorded approximately $1.9 billion in weekly net inflows. Analysts linked the breakout to Treasury buybacks, ETF demand, and forced short covering. BTSE’s Jeff Mei sees $80,000–$90,000 as possible but warns of a return to $70,000. Can Bitcoin hold near $80,000 after its strongest rally since 2023? Bitcoin (BTC) traded near $79,800 on Aug. 24 after climbing from below $64,000 on Aug. 19. The cryptocurrency reached approximately $79,550 during the rally, its highest level since May. The gain amounted to roughly 24% over the week, according to Gadi Chait, investment manager at Xapo Bank, making it Bitcoin’s strongest weekly advance since March 2023. US policy developments helped trigger the move. On Aug. 19, the US Treasury announced that it would at least double the maximum size of its liquidity-support buybacks for nominal Treasury securities with maturities of...