Bitcoin climbed above $80,000 on Tuesday to its highest level in more than three months, supported by a weaker US dollar and renewed demand for cryptocurrencies following US Treasury measures aimed at calming the bond market.
Bitcoin traded at $80,323.24 in the latest Asian session after reaching an intraday high of $81,237.94, its strongest level since mid-May. The cryptocurrency has gained about 28% since the beginning of August, putting it on track for its strongest monthly performance since November 2024.
The rally followed the US Treasury Department’s announcement last week that it planned to repurchase more long-term bonds, a move aimed at limiting increases in long-term yields. The announcement weighed on the dollar as investors remained concerned about the currency’s value.
Tony Sycamore, an analyst at IG, said the Treasury announcement had encouraged investors to move toward both physical and digital assets amid renewed concerns over currency depreciation. He added that a sustained move above the current level could open the way for Bitcoin to advance toward $95,000 and $100,000.
