Crypto Overview: Bitcoin eyes $70,000 on US Treasury bond buybacks – ETH, HYPE, TRUMP lead gains

• Bitcoin eyes $70,000 on Thursday, following a 7% rise the previous day.
• A surprise US Treasury announcement to double long-term bond buybacks lowered yields and renewed risk-on sentiment in the crypto market.
• Ethereum, Hyperliquid, and Official Trump recorded double-digit gains over the last 24 hours.

The broader cryptocurrency market is regaining strength, pointing toward a renewed bull run. The US Treasury Department announced on Wednesday that it will buy back more of its longer-term bonds, in an effort to curb a sharp increase in borrowing costs. 

US Treasury doubles long-term bond buybacks

US Treasury announced that it would at least double the maximum size of its liquidity-support buyback operations for longer-dated nominal securities, as previously reported by FXStreet. The current maximum of $2 billion per operation will be increased to at least $4 billion per operation. This temporary workaround creates artificial demand for 10-year and 30-year bonds, lowering their yields.

Technical outlook: Could Bitcoin surpass $70,000?

Bitcoin trades around $69,576 at press time on Thursday, reflecting a bullish near-term bias after a 7% surge the previous day. The King Crypto holds well above the 50-day Exponential Moving Average (EMA) at $64,766, and the reclaimed 23.6% Fibonacci retracement of the downswing from $82,850 to $57,800 at $63,711.

From a technical perspective, Bitcoin is approaching the 50% retracement at $70,325, a key resistance level reinforced by the 200-day EMA at $71,941, which forms a broader overhead barrier.

A decisive close above the 200-day EMA at $71,941 could improve the odds of an extended rally, targeting the 78.6% Fibonacci level at $77,489, followed by the $82,850 swing high.

Momentum is strong, as the Relative Strength Index (RSI) stands in overbought territory near 74 and the Moving Average Convergence Divergence (MACD) is well above its signal and zero lines with an expanding positive histogram, which suggests robust buying pressure.

On the downside, initial support is seen at the 50-day EMA at $64,766.57, where buyers could attempt to defend the latest leg higher. A deeper pullback would expose the 23.6% retracement at $63,711, reinforced by the upward trendline around $62,766.

Altcoins outlook: Ethereum, Hyperliquid and Official Trump

Ethereum hovers above $2,200 on Thursday, following a 17% rise the previous day. ETH extends a bullish breakout above both the 50-day and 200-day EMAs, $1,900 and $2,108, respectively.

From a technical perspective, the 78.6% Fibonacci retracement, measured over the $2,464 to $1,505 downswing, at $2,259, acts as the immediate resistance. A decisive close above this level could target the $2,464 swing high, followed by the 127.2% extension level at $2,725.

Momentum reinforces the constructive bias, with the RSI near 82 suggesting overbought conditions after a steep advance, while the MACD rising sharply into positive territory hints that buyers still control the near-term trend.

On the downside, initial support is seen at the reclaimed 200-day EMA near $2,108 and the 50% retracement at $1,985.

Hyperliquid eyes $70 on Thursday, extending a strong upswing following the 19% surge the previous day. HYPE holds above its 50-day and 200-day EMAs at $59.13 and $51.44, respectively, reinforcing an underlying uptrend.

Momentum is robust, with the RSI hovering in overbought territory near 71 and the MACD holding firmly positive, crossing into positive territory, which suggests persistent buying pressure.

The immediate resistance for HYPE aligns with the 78.6% Fibonacci retracement of the downswing from $76.93 to $51.20 at $71.42, guarding the upside to the all-time high of $76.93.

On the downside, initial support appears at the 50% retracement level at $64.06, while deeper cushions emerge around the 50-day EMA at $59.13 and the 23.6% retracement at $57.27.

Official Trump trades at $1.7550 on Thursday, edging lower after a 27% jump the previous day. The token has bounced sharply off recent lows and now holds above the 50‑day EMA at $1.5777, which underpins a mildly constructive near‑term tone. However, price remains capped beneath the 100‑day EMA at $1.8453, keeping the broader structure constrained.

Momentum shows a sharp increase in near-term bullish pressure, with the RSI at 70, suggesting stretched upside momentum. At the same time, the MACD turns positive, with an expanding bullish histogram, suggesting a bullish momentum bias.

On the topside, initial resistance is located at the 100‑day EMA at $1.8453, with a more substantial barrier emerging at the 200‑day EMA near $2.6934.

On the downside, immediate support is seen around the 50-day EMA at $1.5777, while a deeper pullback would expose the S1 Pivot level at $1.2580.

(The technical analysis of this story was written with the help of an AI tool. Know more.)