Bitcoin breaks $70,000: Why Treasury move could push BTC toward $75,000 next now

Bitcoin crosses $70,000 as Treasury buybacks and Trump’s crypto push lift BTC. Can Bitcoin reach $75,000 after reclaiming key technical levels?

Updated on: Aug 20, 2026, 18:19:55 IST

By Durva More

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Bitcoin moved above $70,000 for the first time in more than two months, showing that more investors are buying the cryptocurrency again. Bitcoin rose more than 3% to above $71,500, its highest level since June 1. It was trading around $71,936, up more than 3.5% in the past 24 hours. Bitcoin is also about 15% higher since Monday.

Bitcoin crosses $70,000 as Treasury buybacks and Trump’s crypto push lift BTC. (Pexel/Representative image) (Pexel)

US Treasury move helps Bitcoin rally

One major reason behind the Bitcoin rally was a move by the US Treasury to increase its purchases of long-term US government bonds. US Treasury Secretary Scott Bessent said the US would at least double its buybacks of longer-term Treasury bonds.

The announcement pushed US Treasury yields lower and sent the US dollar to its lowest level in three months, Bloomberg reported. Lower bond yields and a weaker US dollar can make riskier assets such as Bitcoin more attractive to investors.

Why lower yields matter for Bitcoin

When Treasury yields fall, investors may look for better returns in riskier assets. Bitcoin can benefit from this shift because it is viewed as a risk asset. “When yields drop and the dollar weakens, risk assets tend to rally,” said Jeff Mei, chief operating officer at BTSE, according to Yahoo Finance. Mei added that Bitcoin had already moved higher after the Treasury announcement.

ABOUT THE AUTHOR
Durva More
Durva More is a Senior Content Producer at Hindustan Times, where she covers finance, and global news. She brings experience across digital and television journalism, with a strong focus on breaking news, business reporting, and international affairs. Before joining Hindustan Times, Durva worked as an International News Writer at The Economic Times, covering a diverse range of subjects including global politics, business, sports, entertainment, and major world events. She also worked as a Business Reporter with NDTV Profit. A postgraduate diploma holder in Journalism from the Asian College of Journalism, Durva is passionate about field reporting and storytelling. She thrives on the adrenaline of chasing stories, speaking with people from different walks of life, and amplifying voices that deserve to be heard. Her reporting is driven by curiosity, accuracy, and a commitment to making complex subjects accessible to readers. When she is not chasing stories or covering breaking news, Durva enjoys reading books and painting. She loves exploring new ideas, meeting people, and learning about different perspectives. For her, both journalism and art are ways to understand the world and tell stories that matter.Read More

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