Bitcoin experienced its sharpest one-day move since March 4 on Wednesday, jumping as much as 8.7% to hit an intraday high of $69,749. The movement marked the cryptocurrency's highest price level since June 1.
The upward momentum was largely triggered by a U.S. Treasury announcement revealing plans to double long-bond buybacks from $2 billion to $4 billion per operation, beginning September 9. This policy shift drove long-end yields lower, weakened the dollar, and increased the relative attractiveness of non-yielding assets such as Bitcoin.
Additional market catalysts included a White House meeting between crypto executives and regulators, alongside a proposal from the SEC to ease registration rules for certain digital-asset offerings. The combined factors sparked rapid market movement, resulting in more than $1.14 billion in cryptocurrency short positions being liquidated within a single hour, according to CoinGlass. Bitcoin accounted for $677.64 million of those liquidations, forcing bearish traders to buy back in.
Crypto-linked equities also climbed following the news. Strategy shares gained nearly 12%, Coinbase rose 9%, and both Circle and BitMine climbed between 9% and 10%.
Prediction markets reacted swiftly to the sudden price action. On Myriad, odds for a market dump shifted from approximately 70% bearish to a nearly even split, with the dump side at 51.9% and the pump side at 48.1%. However, longer-term prediction markets, such as Polymarket's 2026 outlook, remained largely unchanged from the previous week.
Market analysts are closely monitoring key chart levels following the rally. The lower edge of a resistance band sits at $70,284, and a daily close above that threshold could target $73,245, while dropping below $68,000 would return Bitcoin to its established trading range from June.
