Why did Bitcoin price surge 11% above $71,000?

Bitcoin price recorded its strongest advance in months on Aug. 20, climbing above $71,000 as a change to U.S. Treasury debt buybacks, renewed exchange traded fund demand and forced short liquidations supported a broad cryptocurrency rally. Summary Bitcoin surged 11.4% in 24 hours, trading near $71,920 after reaching a new two month high. U.S. spot Bitcoin ETFs attracted $517 million on August 19, their strongest inflow since May. Treasury will double maximum long dated bond buybacks to at least $4 billion beginning September 9. More than $1 billion in short positions were liquidated within one hour during Wednesday’s Bitcoin rally. Bitcoin reclaimed $70,000, but analysts identified the $72,000 region as an important resistance area overhead. The cryptocurrency traded at $71,920 and had gained 11.4% over 24 hours when checked on Thursday, according to crypto.news market data. Its reported trading range stretched from $64,323 to $71,747, while 24 hour volume reached approximately $60.46 billion. BTC began the move near $64,400 before rapidly crossing $66,000, $68,000 and $70,000. The advance took bitcoin to its highest level since early June and lifted its market capitalization to ap...