$80,000 came into view for bitcoin on Monday, up 2% and at its highest since May, while ether rose 2% to about $2,500 and crypto-linked stocks also advanced.
A Treasury move to double purchases of longer-dated government bonds helped push yields lower last week, reviving demand for risk assets and fueling a more than 20% three-day bitcoin surge.
$1.92 billion flowed into spot bitcoin ETFs last week—the biggest weekly inflow since October—while more than $4 billion in bearish crypto positions were liquidated as prices climbed.
BTIG said the breakout resembles bitcoin's January 2023 jump above a downtrend, though that rally later faded to its 200-day moving average before finding support.
Inflation and fiscal-deficit worries are reinforcing bitcoin's appeal as an alternative asset, with Ray Dalio warning of a debt crisis and urging investors to hold 'a bit' of it.