Crypto news

Bitcoin (BTC) has returned to the $70,000 mark for the first time since early June, breaking through this psychologically important threshold after 78 days of consolidation. The main catalyst for the move was a statement by US President Donald Trump that the government is considering the possibility of purchasing a "significant" amount of bitcoin.

Prior to this, the market was in a state of uncertainty: just two days ago, the BTC price was fluctuating below $64,000, and in early July it even dropped to $62,000. However, a sharp upward surge led to massive liquidation of short positions. In just one hour, traders betting on a decline lost $1.23 billion. Particularly telling was the case on the Hyperliquid platform, where one major participant lost 1,800 BTC — a loss of approximately $117 million.

Momentum from Washington and the macroeconomic backdrop

The key trigger for the growth was Trump's comments at a White House meeting dedicated to cryptocurrency regulation issues. The President not only did not rule out the possibility of creating a state reserve in bitcoin, but also directly linked this idea to strengthening the dollar. According to him, this initiative "turned out to be very, very good for the dollar," and if concrete proposals come in, he will definitely consider them.

Let me remind you that in March 2025, the administration formed a Strategic Bitcoin Reserve, but only confiscated assets were added to it. A purchase on the open market would be the first such step in history — and this changes the rules of the game.

Monetary policy also provided additional support. The minutes of the July Federal Reserve meeting contained no surprises: despite mentioning "elevated inflation," no hawkish rhetoric followed. The probability of a rate hike in September dropped to 34%, and the yield on 30-year government bonds fell from 2007 highs. Cheaper "long money" traditionally supports risk assets that generate no income — and bitcoin is among them.

Technical picture and prospects

At the time of writing, BTC was reaching $70,000 on Binance and $70,022 on Coinbase. It is important to note that even after this surge, the price remains approximately 44% below the all-time high of $126,080 set in October last year. Throughout this year, gold has confidently outpaced the flagship cryptocurrency (+33% versus BTC's decline), but now the situation may change.

Currently, a rare combination of factors has emerged: falling yields, a calm Fed, and a president openly discussing the purchase of bitcoin. The question is whether the bullish momentum can hold above $70,000 or whether this is just a temporary spike on the news.

My analysis: The market is clearly overestimating the likelihood of actual purchases by the state. However, the very fact of such statements at the highest level is a tectonic shift in the perception of BTC as a strategic asset. Even without immediate action from the administration, such rhetoric creates a powerful psychological foundation for further growth. The key support level now is $66,000–$67,000, and if it holds during a correction, we could see a move toward $75,000 in the medium term.