Bitcoin (BTC) climbed above $72,500 Thursday, reaching an 11-week high as Donald Trump threatened sweeping economic action against Iran while U.S. stocks weakened and Treasury yields rebounded.
Key Points:
- Bitcoin reached $72,505 on Bitstamp, gaining more than 4% on the day.
- Trump called the planned pressure campaign against Iran “Economic D-Day” as oil prices and U.S. bond yields rose.
- Analysts said stronger spot demand and sustained gains are still needed before declaring a new Bitcoin bull cycle.
Bitcoin Price Surge
BTC/USD retested $71,000 before reaching $72,505 on Bitstamp, extending a four-day advance that added nearly $10,000 to Bitcoin’s price. The move put Bitcoin at its highest level in 11 weeks.
Trump promised the “most crushing economic operation ever taken against any country” and described the planned campaign against Iran as unprecedented economic warfare and isolation. Oil moved higher as well.
WTI crude reached $87.69 per barrel, its highest level since Jul. 24, while U.S. government bond yields reversed part of the previous day’s decline. The 30-year yield fell to 5.179% before rebounding to 5.266%, a nine-basis-point move that nearly erased the earlier drop.
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CryptoQuant Demand Test
The Kobeissi Letter questioned whether expanded Treasury debt buybacks would be enough to calm bond markets, saying it would take “a lot more intervention to tame this beast.” The rebound did not settle the outlook.
The U.S. Treasury said Aug. 19 that maximum long-end liquidity-support buybacks would rise from $2 billion to at least $4 billion per operation beginning Sept. 9. Trader Rekt Capital said Bitcoin still needed a much larger advance to invalidate a bearish “weakening support” structure around $60,000.
Ki Young Ju, CEO of CryptoQuant, pointed to a more constructive signal, saying Bitcoin demand had turned positive in both spot and perpetual futures markets for the first time since October 2025. That signal remains early.
Ju said the scale was modest, but a month of sustained demand could support the conclusion that the bear market had ended and a new bull cycle had begun. Bitcoin’s latest recovery follows weeks of weaker trading and remains far below the $126,200 all-time high reached in October 2025, leaving persistent spot demand as a key test.
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