Bitcoin just had itself a week.
? So are the bitcoin bulls back?
Catch up quick: Bitcoin, which had been languishing below a price of $65,000 since early June, jolted to life Wednesday morning, when the Treasury Department announced plans to step up buybacks of long-dated Treasury securities .
? Between the lines: Treasury's apparent signal that the government would be willing to step in to fight rising yields, has revived the debasement trade — and that's been good for assets like bitcoin and gold.
Another factor at work is a sizable short squeeze, with about $2.5 billion of bitcoin short positions liquidated over the past three days, according to CoinGlass data .
?? What they're saying: "I'd be cautious about calling this the end of the bear market," AdLunam market analyst Jason Fernandes told CoinDesk .