Bitcoin is approaching $80,000 after its strongest weekly gain in years, prompting expectations that the digital-asset rally may extend. The move was supported by the largest Bitcoin short liquidations since 2021, increased spot trading volume and more than $1 billion in weekly net inflows into US spot Bitcoin ETFs. A shift in the US bond market also helped: Treasury Secretary Scott Bessent said he plans to at least double long-term Treasury buybacks, long-dated Treasury yields briefly fell, the dollar weakened and gold rose, reviving the debasement trade—the purchase of supply-constrained assets such as gold or Bitcoin as a hedge against weakening fiat-currency value amid rising government debt and fiscal burdens. Investor sentiment has also benefited from President Donald Trump's renewed call for Congress to pass the CLARITY Act, a digital-asset market structure bill. Bitget Wallet research analyst Rachael Zhang said the push is lowering the regulatory risk premium and could make it easier for institutional investors to assess crypto risks and enter the market. Bitcoin has moved above its 100-day and 200-day moving averages, although its 14-day RSI (relative strength index, a momentum gauge) has entered typically overbought territory. Standard Chartered's global head of digital assets research, Geoffrey Kendrick, said the combination of record short liquidations and ETF inflows could attract more capital, potentially lift Bitcoin toward its $100,000 year-end target and, after Oct. 6, possibly drive it above that target toward its $126,000 all-time high. Caution remains because Bitcoin is still about 43% below the all-time high reached in October last year, and the early rally was driven partly by forced short covering. Analysts are watching whether genuine buying demand persists after that effect fades. Noel Acheson said the rebound feels different from unstable rallies in recent months, while Talos chief analyst Tanay Ved pointed to new buying flows alongside short-position unwinds.