Bitcoin is charging toward the psychologically significant $80,000 level, a threshold the cryptocurrency last touched in May, fueling fresh optimism across digital asset markets.
The rally follows an extraordinary week in which Bitcoin surged more than 20%, outpacing virtually every major asset class over the same stretch.
Over the past six months, Bitcoin posted gains of roughly 16% to 22%, nearly doubling the S&P 500’s approximately 12% return and leaving gold, which fell about 11%, far behind.
Bitcoin was trading around $77,700 on Friday after the week-long surge, with prices oscillating in a range of $76,000 to $79,000 heading into the new week.
The cryptocurrency started the year near $87,500 and touched approximately $98,000 in January before a painful retreat, making the current push feel like a measured and significant comeback.
A key catalyst behind the move was the Treasury Department’s plans to buy back longer-dated Treasurys, which sent yields lower and weakened the dollar considerably.
The dollar was trading at a three-month low last week and was on track for its worst week of August, while Bitcoin posted its best week since 2023.
Positive regulatory momentum added further fuel, as President Donald Trump held a meeting with crypto executives and urged lawmakers to advance the Clarity Act, which would establish a framework distinguishing between digital assets that are securities, commodities, or payment stablecoins.
Lawmakers are expected to vote on the long-awaited crypto legislation in September, a development that traders and investors have been anticipating for months.
Bitwise European Head of Research André Dragosch highlighted the scale of Bitcoin’s outperformance, noting that it was up over 23% week-over-week while the S&P 500 fell 1.43% and MSCI World fell 1.19%.
Ethereum led all major assets for the week with a gain of 31.48%, while gold rose 5.18%, according to Dragosch’s data.
“Very rare to see such a big performance spread,” Dragosch said, underscoring just how unusual the divergence between crypto and traditional markets was during the rally.
Lower yields, a weaker dollar, regulatory optimism, ETF inflows, and forced short covering combined to push traders back aggressively into risk assets, amplifying the move higher.
Technically, Bitcoin cleared multiple key moving averages simultaneously, including the 20-day EMA at $66,102, the 50-day at $65,223, the 100-day at $66,668, and the 200-day EMA at $71,541.
The 200-day EMA had capped every Bitcoin rally attempt since February 2026, making the decisive break above it one of the most significant technical developments of the year.
Bitcoin was sitting above all four major moving averages at the same time for the first time in six months, a bullish signal that technical analysts typically view as a strong sign of renewed trend momentum.
