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Bitcoin extended its gains on Saturday, approaching the $80,000 threshold as the cryptocurrency headed towards its strongest weekly performance in more than three years.
The leading digital asset climbed as much as 4.8 per cent within 24 hours and was trading at approximately $78,588 at 9:10 AM. It added another 0.6 per cent during the preceding hour and had risen 24.5 per cent over the previous seven days.
The latest weekly surge marked Bitcoin’s most significant such advance since March 2023.
The cryptocurrency had last traded around the $80,000 level in May 2026.
Analysts attributed part of Bitcoin’s sharp rise to an announcement from the US Treasury regarding an increase in long-dated bond buybacks.
The decision pushed longer-term yields lower and encouraged greater appetite for riskier investments.
The rapid upward movement in Bitcoin resulted in the closure of billions of dollars worth of short positions.
The resulting liquidations provided additional momentum to the cryptocurrency rally.
Gold prices advanced to their highest level since May as investors considered the possibility that bond-market intervention could put downward pressure on the US dollar.
Market sentiment received support from expectations that the US administration remains receptive towards the cryptocurrency industry.
US President Donald Trump’s meeting with senior executives from crypto companies, including Coinbase Global and Payward, boosted market confidence in the cryptocurrency sector.
Institutional demand strengthened further during the week, with US-listed spot Bitcoin exchange-traded funds on course to record their highest weekly inflows since January.
The 13 ETFs together attracted more than $1 billion during the period.
Despite the latest recovery, Bitcoin remains significantly below its record peak of nearly $126,000 reached in October 2025.
The cryptocurrency subsequently faced a steep correction, falling to $58,642 in late June 2026.
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