Bitcoin Keeps Soaring, Reaching Its Highest Level In Months As Blistering Rally Continues
Bitcoin keeps climbing on Friday, continuing a blistering rally that has seen it soar more than 20% over the past week amid positive news for the industry.
The largest cryptocurrency gained more than 5% on Friday at 8:37 a.m. ET, clocking in at $76,665. It has jumped more than 20% over the past week, going back to levels seen before a May plunge.
CNBC noted that the rally began on Wednesday after the U.S. Treasury announced increased buybacks of government debt, which triggered a brief rally of riskier assets. Citing data from CoinGlass, the outlet added that the rally continued by a large short squeeze where $2.7 billion in short positions were liquidated.
Bitcoin kept climbing on Thursday after President Donald Trump renewed his push for Congress to pass major crypto legislation.
Trump urged lawmakers to pass the Clarity Act, legislation designed to establish clearer rules for the U.S. digital asset market, while reaffirming his support for the crypto industry. The president’s comments helped lift sentiment across the sector.
The legislation has become one of the crypto industry’s biggest priorities in Washington. The House passed its version of the Digital Asset Market Clarity Act in 2025, but efforts to establish a final regulatory framework have faced a more complicated path in the Senate as lawmakers debate how oversight should be divided between the Securities and Exchange Commission and Commodity Futures Trading Commission.
Trump has increasingly pressed Congress to finish the legislation. The president said earlier this year that he wanted lawmakers to send a crypto market structure bill to his desk as quickly as possible, part of his administration’s broader effort to make the U.S. a global center for digital assets.
The renewed volatility comes after an unusually quiet stretch for Bitcoin. David Morrison, senior market analyst at Trade Nation, said the cryptocurrency’s prolonged movement between support near $62,000 and resistance around $66,000 had frustrated traders, particularly after Bitcoin’s steep decline from last year’s record, the CNBC report noted.
Ether, the world’s second-largest cryptocurrency, has also jumped over the past days. Concretely, it stood close to $2,400 on Friday, notching a 27.27% gain, most of which has been taking place since Wednesday.
