Bitcoin surged past the $80,000 mark on Tuesday, as renewed inflows into spot bitcoin ETFs and improving risk appetite extended the cryptocurrency's recent rally:
The latest move extends a sharp rally that began last week, when bitcoin surged more than 20% in three days:
This recent surge is partly attributed to the U.S. Treasury's announcement to double its purchases of longer-dated government bonds, which briefly pushed yields lower and revived demand for risk assets:
U.S. spot bitcoin exchange-traded funds attracted $1.92 billion in net inflows last week, their largest weekly haul since October:
Still, questions remain over whether this breakout can last. Bitcoin has been in a prolonged slump, but Fundstrat notes that the buying following last week's short squeeze may suggest that bitcoin's rally could be "more durable than a tactical bounce":
