ISTANBUL — Bitcoin has staged a sharp recovery after coming under heavy selling pressure last week, rising nearly 17% in six days to approach the $74,000 level. The world’s largest cryptocurrency climbed as high as $73,823 on Friday morning, gaining more than $10,000 from its level around $63,000 last week.

The latest rally has lifted Bitcoin to its highest level in more than two months. Last week, the cryptocurrency had been trading around $63,000 and had recorded a weekly decline of more than 3%.

If the gains are sustained, Bitcoin could record one of its strongest weekly performances in roughly two and a half years.

Bitcoin Rebounds From $63,000

Bitcoin’s rapid move higher has attracted attention because the rally has continued even after the cryptocurrency surpassed the $69,000 level.

The continued buying suggests that the move may not simply be a temporary rebound driven by the closing of short positions. Investors are now closely watching whether Bitcoin can break decisively above $74,000 and, more importantly, maintain the gains achieved during the rally.

U.S. Treasury Buyback Plan Supports Rally

One of the key catalysts behind Bitcoin’s recent gains has been the U.S. Treasury Department’s decision to expand its buyback program for longer-dated Treasury bonds.

The development has contributed to improved risk appetite in financial markets and helped support demand for risk-sensitive assets, including cryptocurrencies.

With Bitcoin having gained more than $10,000 in less than a week, the focus in the coming sessions will shift from the speed of the rally to whether the cryptocurrency can hold its newly regained levels.

Source: Patronlar Dünyası/ Prepared by: İlayda Gök