Bitcoin traded between $78,300 and $79,650 on Wednesday after the U.S. Treasury bought back $6 billion in long-term debt, reportedly triple the levels seen before its recent intervention announcement. The muted price action triggered $59 million in bitcoin liquidations and more than $223 million across the cryptocurrency market. Bitcoin briefly moved above $79,000 and peaked above $79,650 around 4:35 a.m. EST before retreating as reports of renewed fighting in the Middle East pressured markets. Brent crude rose above $100 a barrel for the first time since July 2 and has gained more than 10% since Aug. 30; one U.S. bank projects it could reach $120. Bitcoin later fell to $78,095 before recovering to just above $78,600 around 12:16 p.m., leaving its market capitalization nearly unchanged at $1.57 trillion. Analysts had expected the Treasury intervention to support another advance, following bitcoin’s more than $15,000 surge in the week after the Aug. 19 buyback announcement. Meanwhile, Treasury yields reportedly rose, prompting the Kobeissi Letter to warn that the 10-year Treasury note yield could exceed 5.00% by next week without an end to the Iran war.