Bitcoin (BTC) just reclaimed $70,000 for the first time since June 2. The 78-day wait ended after President Donald Trump said a “sizable” government Bitcoin purchase has “been talked about.”

The Fed’s July minutes came and went without damage. Trump’s remarks gave the rally its second engine of the day.

How Bitcoin Reclaimed $70,000 After 78 Days

The BTC price briefly tested $70,000 today. Two days ago, it sat below $64,000. In early July, it was near $62,000.

The move crushed the other side of the trade. Crypto shorts lost $1.23 billion in a single hour. One whale on Hyperliquid lost an entire 1,800 BTC short worth about $117 million.

Washington lit the first fuse. The Treasury said it will double its long-end debt buybacks to at least $4 billion per operation. The 30-year yield fell from 5.337%, its highest since 2007. Cheaper long-term money favors assets that pay no income.

Perspective still matters. Even at $70,000, Bitcoin trades about 44% below its record of $126,080, set last October. But the reclaim breaks this year’s pattern, where gold beat bitcoin decisively, gaining 33% while BTC fell 46%.

The king of crypto topped out at $70,000 on Binance and $70,022 on Coinbase, as of this writing.

Trump Floats a ‘Sizable’ Bitcoin Buy as the Fed Stays Quiet

Then came the second fuse. Asked whether the administration plans to accumulate a sizable amount of Bitcoin, Trump did not rule it out. He tied the idea directly to the dollar.

“It’s been talked about. It’s been very, very good for the dollar. If you came in with recommendations, I would certainly listen.”

The remarks land on fertile ground. Trump created a Strategic Bitcoin Reserve in March 2025, built from seized coins rather than open-market buying. A sizable purchase would be a first.

The Fed offered no resistance either. The July minutes said inflation “remained elevated” but showed no hawkish push beyond the three known dissenters. September hike odds slipped to 34%, and the dollar weakened.

The mix is potent. Falling yields, a quiet Fed, and a president musing about buying. Whether BTC holds $70,000 overnight will show if the words carry real weight.

Source: BeInCrypto