Bitcoin surged past $75,000 for the first time since late May, adding over $11,000 in 48 hours and triggering broad altcoin gains, with Ripple’s XRP leading the rally. The move followed weeks of sideways trading near $65,000, breaking resistance in a 12% single-day jump. Analysts including Ali Martinez declared the next bull phase had begun.
Bitcoin added over $11,000 in 48 hours, blasting through $75,000 hours ago for the first time since late May. The primary cryptocurrency had stood still for weeks, failing to move past $65,000 despite multiple attempts.
A correction last week pushed bitcoin to its lower trading range boundary near $62,000. Then came a Wednesday afternoon rally, with bitcoin skyrocketing 12% in 24 hours to $70,000.
The bulls initiated another leg up after a brief stall near $71,000, rocketing the asset to almost $76,000 earlier this morning. Bitcoin has settled at $75,000 as of press time, representing an 18% jump in less than two days.
The US Treasury Department announced it will double the maximum size of liquidity-support buybacks for longer-dated government debt. Analysts regarded this as good news for risk-on assets.
President Trump held a major crypto event in the White House with industry executives. He pushed for the CLARITY Act approval and stated his administration was mulling purchasing more BTC.
Many altcoins recorded gains led by Ripple’s XRP. Ethereum rocketed from $1,900 to almost $2,400, while XRP successfully defended the $1.00 support and now sits 30% above it.
Popular analyst Ali Martinez weighed in, stating the asset has “no resistance” after building strong support between $62,000 and $63,000. If it breaks $75,733, Martinez noted the next major supply cluster appears at $83,300.
Martinez reiterated a previous post declaring the “bitcoin bull market is here.” Analyst Crypto Patel outlined a historical pattern for BTC that previously played out with a massive 1,000% surge.
