Bitcoin briefly hit $70,000 on Wednesday, a level it had not reached since June 2. The move marks an 11-week high for the world’s largest cryptocurrency by market cap.
The price touched $70,000 on Coinbase before pulling back slightly. At the time of writing, BTC was trading around $69,581, still up more than 7% in 24 hours.
The rally was triggered largely by a US Treasury announcement. Treasury Secretary Scott Bessent said the department would at least double its bond buyback operations, from $2 billion to a minimum of $4 billion per operation, starting September 9.
BREAKING: The US Treasury announces it will double the size long-term US government debt buybacks following the rapid surge in US Treasury yields.
Repurchases of $2 billion will now be increased to "at least" $4 billion, the US Treasury said.
The move is intended to provide…
— The Kobeissi Letter (@KobeissiLetter) August 19, 2026
The move caused US 30-year bond yields to drop immediately. Yields had hit their highest level in nearly 20 years just a day earlier, sitting at 5.19% after the announcement, down 9 basis points.
Traders viewed the expanded buybacks as a liquidity boost for financial markets. More government buying in the long-term debt market tends to ease financial conditions, which can lift risk assets like Bitcoin.
President Trump also added fuel to the rally. At a White House gathering of crypto executives, he called on Congress to pass a “fair version” of the Digital Asset Market Clarity Act.
🇺🇸 White House Crypto Summit recap:
• President Trump says US considers buying "sizable" amounts of Bitcoin & other crypto.
• Trump calls on Congress to pass Crypto Clarity Act.
• Trump says US is ensuring it remains the "undisputed leader" in $BTC & crypto.
•…
— Watcher.Guru (@WatcherGuru) August 19, 2026
Companies at the event included Coinbase, Gemini, Ripple, and Chainlink Labs. Senate Banking Committee Chairman Tim Scott said separately at the SALT conference that the bill has a good chance of advancing in September.
A procedural vote is scheduled for September 15. Lawmakers still need to resolve disagreements over crypto rewards, decentralized finance, and ethics provisions.
Crypto exchange Bitfinex flagged a potential headwind. Stablecoin supplies on exchanges have decreased by $14 billion since May, limiting the “dry powder” available to push Bitcoin higher.
“Until stablecoin supply turns, the rally stays unfunded,” Bitfinex posted on X.
CryptoQuant’s Stablecoin Supply Ratio has risen from 9.82 on June 30 to 11.69, reflecting tighter liquidity conditions over the past six weeks.
Analyst Ted Pillows pointed to $74,000 as the next key level to watch, writing on X that if Bitcoin reclaims that price on the weekly timeframe, the chances of a drop below $55,000 become very low.
$BTC key level now is $74,000.
If Bitcoin reclaims this on the weekly timeframe, the chances of a drop below $55,000 will get very low. https://t.co/e1lYNwRYLN pic.twitter.com/RYHEnBkvWQ
— Ted (@TedPillows) August 19, 2026
Market technician Aksel Kibar had previously flagged an inverse head-and-shoulders pattern with its neckline near $66,600. A confirmed break of that level pointed toward a potential move to $76,000.
Federal Reserve minutes released Wednesday showed most officials favored keeping rates unchanged at the July meeting, though several backed a hike and saw inflation risks tilted to the upside.
The post Bitcoin (BTC) Price: Hits $70,000 for First Time in 11 Weeks as US Treasury Doubles Debt Buybacks appeared first on CoinCentral.
