Bitcoin has surged nearly 22% over the past five trading days, climbing above $77,000 and reaching its highest level since early June, in a rally traders and analysts attribute to a combination of shifting U.S. monetary policy signals, favorable regulatory developments, and a wave of forced selling that fueled its own momentum.

According to Yahoo Finance, bitcoin was up roughly 7.32% Friday, extending an advance that has seen its price climb about 18% over the preceding 48 hours to more than $77,600. The cryptocurrency had not traded above the $70,000 level since late May prior to this latest push, according to Yahoo Finance AlphaSpace data.

The single most frequently cited catalyst behind the rally is a decision by the U.S. Treasury Department to significantly expand its buybacks of long-dated government debt. According to CCN, the Treasury doubled its planned long-term bond buybacks from $2 billion to at least $4 billion per operation, a move that pushed the 30-year Treasury yield down sharply, from 5.337% to around 5.20%, and sent the U.S. dollar index to a three-month low.

Bernstein strategist Gautam Chhugani identified that move as the primary driver behind bitcoin's turnaround. "The strong trigger in bitcoin was driven by Treasury's move to buyback bonds at the longer end of the yield curve," Chhugani wrote in a note. He connected the policy shift to a broader historical pattern in how bitcoin tends to respond to changes in market liquidity. "We are not macro experts, but we do know bitcoin historically has had a positive reaction to liquidity expansion," Chhugani wrote.

That connection between the Treasury's buyback decision and bitcoin's rally has also drawn commentary from other market participants pushing back on alternative........

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