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Bitcoin nears $69,000 as Treasury expands long-end bond buybacks
Standard Chartered analyst Geoff Kendrick said a break above $65,500 could confirm a cycle low, while Treasury liquidity buybacks for 10 to 30 year securities are set to run Sept. 9 through Nov. 4.
Bitcoin was trading near $69,000 as momentum in the rebound continued, with the move following a U.S. Treasury decision to expand liquidity-support buybacks for longer-dated government bonds, according to Cointelegraph. Standard Chartered analyst Geoff Kendrick, in a client note shared with Cointelegraph, linked the crypto rally to improving liquidity conditions, and he pointed to $65,500 as a key technical level for Bitcoin. He said that breaking above that threshold could indicate the cycle low has already formed. Kendrick also cited the Treasury’s plan to at least double the maximum size of certain buyback operations for longer-dated nominal coupon securities, raising the cap from $2 billion to at least $4 billion per operation for segments including 10 to 20 year and 20 to 30 year maturities. The expanded buyback program is scheduled to run from Sept. 9 through Nov. 4. Cointelegraph reported that the Treasury announcement pushed long-dated Treasury yields sharply lower, easing pressure after a steep bond selloff, and that Bitcoin was up more than 6% to nearly $69,000 in Wednesday’s late morning U.S. trading, its highest level since early June.
Latest closeBitcoin $68,345.20 ▲5.7%