Bitcoin: 7% Rally Targets 22% Weekly Gain
Bitcoin surges 7% Friday on Treasury doubling bond buys to $4B, eyeing 22% weekly gain, largest in three years. BTC price at $76960.62 with overbought RSI.
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Bitcoin extended its Friday surge of 7%, locking in a 22% weekly advance that marks the strongest performance in over three years after U.S. Treasury Secretary Scott Bessent doubled longer-dated Treasury purchases to $4 billion.
The move signals administration intent to cap long-term yields near 2007 highs, yet remains far smaller than multi-trillion-dollar Fed QE programs, prompting Gary Black to advise fading the BTC rally as this intervention prints no new money.
With price testing upper Bollinger resistance at $79555.25 while RSI(14) flashes overbought at 91.68, a healthy retracement to the 50-EMA support at $67860.31 seems probable before further continuation, even as MACD golden cross at 3257.74 keeps the broader bullish structure intact above the 200-EMA at $65122.36.
Gary Black
@garyblack00An influential investment strategist focused on equity markets and macroeconomic trends, with particular expertise in Tesla analysis. The content centers on stock valuations, ETF impacts, and corporate governance issues, blending fundamental research with market commentary for long-term investors.
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