Crypto extends gains after biggest 3-day rally since 2023

BREAKING: Bitcoin extends gains after its biggest 3-day rally since 2023, breaking out of its trading range and trading just under $80,000

Bitcoin is trading just under eighty thousand dollars. That's a twenty percent gain in three days, the biggest run since 2023, and it's finally broken out of the range it's been stuck in since October.

So what lit the fuse? The Treasury said it would double its purchases of longer-dated bonds, yields dipped, and risk assets caught a bid. More than four billion dollars in bearish crypto bets got liquidated on the way up, which is a very expensive way to be wrong. Spot bitcoin ETFs pulled in nearly two billion last week, their biggest haul since October. Even Ray Dalio weighed in, warning of a debt crisis and telling investors to hold, in his words, a bit of bitcoin.

One thing worth remembering though. BTIG notes bitcoin pulled this exact move in January 2023, then faded right back to its 200-day average. The shorts just learned their lesson. The bulls might be next.

This is Sara White, reporting for HIT.