Bitcoin Price Forecast Breaks Out as Treasury Doubles Bond Buyback Program
Bitcoin price forecasts turned bullish after a decisive breakout from a multi-month consolidation pattern, reaching levels not seen since early June. This surge triggered the largest short squeeze in cryptocurrency history, surpassing the liquidations during the record crash of October 2025. The move was fueled by a combination of technical factors and fundamental news. The U.S. Treasury's announcement to double its bond buyback program to $4 billion was seen as inflationary and positive for hard assets like Bitcoin. Simultaneously, President Trump urged Congress to pass the Clarity Act, providing regulatory tailwinds.
Technically, Bitcoin broke out from a symmetrical triangle pattern. Key resistance now lies at the 200-day EMA near $71,479, while support levels include the 20-day and 50-day EMAs around $64,919 and $64,720, respectively. Analyst Benjamin Cowen highlighted the critical test: whether Bitcoin can break through and hold above its bear market resistance band.
The short squeeze resulted in approximately $2.74 billion in liquidated short positions within 24 hours. While this forced buying fueled the rally, the key question is whether organic demand can sustain prices above $69,000. The bullish case targets a move toward the 200-day EMA, while failure could see a retracement back to the 50-day EMA support zone.
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