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BTC Bitcoin breaks through US$68,000: Falling bond yields and recovering institutional demand boosted the rally
On Wednesday, Bitcoin prices surged more than 6% to one point close to US$69,000. On the eve of the release of the minutes of the Federal Reserve's July meeting, lower U.S. Treasury yields, weaker U.S. dollar and recovery in institutional demand jointly improved the macro environment for risky assets. Bitcoin moved all the way from the day's opening price of approximately US$64,100, reaching a high of approximately US$68,776. The rally pushed Bitcoin past resistance levels near $65,000 to $66,000 and back to the upper edge of its recent trading range.
This round of rise does not seem to be driven by a single news, but is the result of a combination of macro factors and specific catalysts for cryptocurrencies.
Decline in Treasury yields and Federal Reserve minutes support Bitcoin
Pressure on the U.S. bond market eased on Wednesday. Long-term Treasury yields fell and the U.S. dollar weakened ahead of the release of Federal Reserve minutes. The U.S. dollar index fell about 0.3% to 99.36, while weaker yields helped improve the market environment for Bitcoin and other risky assets. Lower yields may weaken the relative appeal of interest-bearing assets, while a weaker dollar typically benefits alternative assets such as Bitcoin.
Markets are now turning to the minutes of the Federal Reserve's July 28 - 29 meeting to be released at 2 p.m. EDT on Wednesday. At its July meeting, the Federal Reserve left interest rates unchanged at 3.50% to 3.75%, but many policymakers tended to adopt tighter policies. Traders will look for clues about how divided officials are on inflation risk and whether support for further rate hikes is weakening.
Bitcoin ETF capital inflows return
Institutional demand has also picked up. The U.S. spot Bitcoin ETF attracted approximately US$297.5 million in funds on August 17, and another US$189.3 million on August 18, with a cumulative net inflow of nearly US$487 million over the two days. Bitcoin struggled to stand above $65,000 for most of August, and the return of institutional demand for Bitcoin ETFs provided strong support for the spot market. ETF demand is particularly important as Bitcoin attempts to break through key levels, as new inflows create direct buying pressure in the underlying market.
The White House's push for cryptocurrencies boosts market sentiment
Regulatory developments in Washington also provide another positive catalyst. President Trump's administration hosted cryptocurrency executives, regulators and representatives of traditional financial companies at the White House on Wednesday, and market structure, tokenization and digital asset regulation are expected to be the focus of discussions. In addition, Senate deliberations on the CLARITY Act are expected to resume in September after stalled before its August recess.
Technical factors may also have amplified Wednesday's rally. The $68,000 area has previously been considered a potential short squeeze area, meaning that breaking through resistance could force traders holding leveraged short positions to close their positions. The minutes of the Fed meeting will be the next immediate test. If the policy signal is dovish, it may strengthen Wednesday's rally; if the tone is more hawkish, it may pose a challenge to Bitcoin's breakthrough.
