Bitcoin experienced a significant price surge, climbing over $11,000 in less than 48 hours to break past $75,000 for the first time since late May. The primary cryptocurrency had previously remained within a tight trading range, experiencing a correction down to $62,000 to $63,000 following a rejection near $65,000.
The market shifted after a Wednesday afternoon rally that saw Bitcoin jump by 12% over 24 hours. After briefly stalling between $71,000 and $72,000, the asset initiated another leg upward, reaching nearly $76,000 before settling around $75,000. This movement represents an approximate 18% increase in less than two days.
Analysts and observers pointed to several potential market catalysts from the United States. The US Treasury Department announced plans to double the maximum size of liquidity-support buybacks for longer-dated government debt. Additionally, Donald Trump hosted a cryptocurrency event with industry executives, advocated for the approval of the CLARITY Act, and mentioned that his administration was considering purchasing more Bitcoin.
The broader digital asset market also saw upward movement. Ethereum climbed from $1,900 to nearly $2,400, while Ripple's XRP defended its $1.00 support level and gained 30% above it.
Analyst Ali Martinez commented on the market shift, stating that Bitcoin faces minimal resistance after establishing strong support between $62,000 and $63,000, and reiterated his view that the bitcoin bull market has begun. Other market projections cited include targets from Standard Chartered and Anthony Scaramucci, both pointing to $100,000, with Standard Chartered anticipating the milestone as early as this year.
