Bitcoin Hits $86K as Treasury Buyback Bets Build

Bitcoin is trading around $86,000 as Anthony Pompliano links the rally to Treasury buybacks and expectations of continued money creation. The analyst argues that Bitcoin is the asset most sensitive to global liquidity, while the US carries more than $40 trillion in national debt and over $1 trillion in annual interest expense.

Bitcoin has also moved above its 50-week moving average after breaking through a level that had acted as major resistance. Monthly momentum indicators cited in the discussion show RSI in an uptrend and MACD signaling that bearish momentum is weakening. Benjamin Cowen, who previously expected a later Bitcoin bottom, has acknowledged that his view was wrong after BTC cleared the May high and rallied toward $86,000.

Why it matters

The bullish case is increasingly centered on liquidity rather than a single regulatory catalyst. Pompliano said Bitcoin does not need the failed Clarity Act to establish its investment case, arguing that US fiscal expansion and Treasury market operations are more important drivers for the asset.

The Treasury buyback program is central to that view. Scott Bessent said the size of the purchases was raised because markets were becoming illiquid, and indicated that the Treasury routinely operates in the long end of the curve. For crypto investors, the debate is whether those actions translate into a durable liquidity tailwind or simply reflect stress in government bond markets.

Market impact

The move has extended beyond Bitcoin. Ethereum is described as heading toward its strongest third-quarter performance on record, with a cited gain of 67%, while Solana reportedly processed 28 million trades in a week. The discussion also points to Bitcoin outperforming the Nasdaq by 42% over three months, suggesting that capital rotation is becoming part of the market narrative.

Corporate adoption is adding another signal. Google is hiring for a crypto lead to advise on digital asset initiatives, and Apple is seeking a stablecoin and crypto lead for Apple Pay. Those roles do not guarantee a price outcome, but they show that major technology companies are treating digital assets as part of their product roadmaps. The key test for the bullish thesis is whether liquidity, technical momentum and institutional adoption continue together rather than fading as isolated signals.