TLDR
- Bitcoin crossed $75,000 for the first time since late May, up 8% in 24 hours
- Trump urged Congress to pass the Clarity Act to create a U.S. crypto regulatory framework
- The U.S. Treasury doubled its bond buybacks, boosting risk appetite across markets
- BTC broke above its 200-day moving average for the first time since November 2025
- Bitcoin is on track for its best weekly performance since February 2024, up 19%
Bitcoin surged past $75,000 on Thursday evening U.S. time, reaching levels not seen since late May. The price hit an intraday high of $75,591 before settling around $75,400, up about 8% in 24 hours.
The move puts Bitcoin on track for its best week in over two years. BTC is up 19% for the week, its strongest weekly performance since February 2024.
Crypto analyst James Check noted the shift in market dynamics as Bitcoin crossed $75,000. “Price pain capitulation in February,” he wrote. “Time pain capitulation in June. Bears in pain, right now.” Check’s post pointed to sellers finally running out of steam after months of downward pressure.
The rally wasn’t limited to Bitcoin. Ether rose 4.8% to around $2,376, and XRP led the major cryptocurrencies with a 16% gain to $1.29. On a weekly basis, Ether is up 25% and XRP is up 28%.
Trump’s Clarity Act Push
A key driver of the rally was President Donald Trump’s call for Congress to pass the Clarity Act during a White House crypto summit earlier this week. The bill aims to establish a clear regulatory framework for the U.S. crypto industry.
JUST IN: 🇺🇸 President Trump says "We need Congress to take the next step by passing The Clarity Act."
"And this landmark structure legislation is very, very powerful structure which will keep us ahead of China, keep us ahead of everyone else." pic.twitter.com/0BwWWQcySP
— Bitcoin Magazine (@BitcoinMagazine) August 19, 2026
The Clarity Act has stalled in Congress over disagreements on how it classifies cryptocurrencies and its treatment of yields on stablecoins. No timeline for passage has been confirmed.
Treasury Buybacks Add Fuel
The U.S. Treasury Department also played a role, announcing it would at least double its bond buyback operations. The maximum per operation was raised from $2 billion to at least $4 billion, starting September 9.
The move aimed to improve liquidity in the long-term Treasury market and pushed yields lower, lifting risk appetite across financial markets. Bitcoin has gained more than 13% since that announcement on Wednesday.
Crypto trader Daan Crypto Trades posted on X that BTC was “trying to move above the bull market support band and weekly 200EMA.” He added: “Above the green zone I would be confident that we see a move back to the May highs too. But let’s take it step by step.”
$BTC Trying to move above the bull market support band and weekly 200EMA in this weekly candle.
All very important levels, just like the $73K-$74K horizontal.
Above the green zone I would be confident that we see a move back to the May highs too.
But let's take it step by step… pic.twitter.com/YyJALFdS8A
— Daan Crypto Trades (@DaanCrypto) August 20, 2026
Bitcoin also broke above its 200-day moving average for the first time since November 2025, roughly a month after BTC hit its all-time high above $126,000. Charting platform Barchart flagged the development on Thursday.
JUST IN 🚨: Bitcoin $BTC gets above 200-day moving average for the first time since November 2025 📈 🤑 🥳 pic.twitter.com/vAhNTT2wfc
— Barchart (@Barchart) August 20, 2026
Standard Chartered’s Geoff Kendrick said the Treasury’s buyback expansion could fuel a Bitcoin rally toward $100,000 by year-end.
BTC was trading around $75,400 at the time of writing, having broken out of the $60,000–$70,000 range that held for most of 2026.
