Is bitcoin back? Why the king crypto has soared more than 20% in the last week.

• Bitcoin pulled out of its long-running bear market this week, soaring 22%.
• The crypto got a boost from Trump's crypto summit and increased Treasury buybacks.
• The rally has momentum that hasn't been seen since 2016, according to a Bespoke analysis.

Bitcoin is so back.

That was the thought, anyway, that investors had this week as bitcoin abruptly pulled out of its ten-month-long bear market and soared 22% to end the week.

The move, which appeared to be largely driven by the White House cryptocurrency summit President Donald Trump hosted this week and expectations for lower rates, shows just how many bitcoin traders had been lurking on the sidelines and on a hair trigger, waiting for the right catalyst to buy.

The OG cryptocurrency, which is now officially in a bull market, surged another 5% on Friday, breaking above the $77,000 mark for the first time since May. The coin is up 19% since Wednesday, the day the crypto summit began at the White House.

Bitcoin had tumbled as much as 53% from its peak of around $126,000 in October of last year. The token is now up 30% from its trough of $59,101 in early March.

The rally is "historic" from a technical perspective, Paul Hickey, the co-founder of Bespoke Investment, wrote in a note. The token is trading more than 5 standard deviations above its 50-day moving average, reflecting momentum that hasn't been seen since 2016, he said on Friday.

Other cryptocurrencies also got a boost. Ethereum, bitcoin's sister token, rose 26% this week. Hyperliquid — which the president referenced when speaking about crypto regulation at the summit — is up 36%.

The entire crypto universe gained $500 billion in market cap this week, according to data from CoinMarketCap, up around 23%.

"The cryptocurrency bull market has begun," Alex Kuptsikevich, the chief market analyst at FxPro, wrote in a note, pointing to the "dramatic" shift in investor sentiment.

Here's everything that explains the latest price surge:

Trump touts the CLARITY Act

When meeting with regulators and top executives in the crypto industry at the White House this week, the president called on US lawmakers to pass a "fair version" of the CLARITY Act, the landmark crypto bill that would establish a regulatory framework for digital assets.

"It's a very, very powerful structure legislation which will keep us ahead of China, keep us ahead of everyone else," Trump said of the bill.

Investors are interpreting the comments as another sign that Trump —who's been branded as the "crypto president" and reported more than$1 billion in cryptocurrency-related income in 2025 — is creating a market environment that will be friendly to digital asset investors.

Speaking at the event, Trump added that the US had "ended the war on crypto once and for all," referring to how he appointed Paul Atkins, a longtime cryptocurrency advocate, to the head of the Securities and Exchange Commission at the start of his second term.

US announces more Treasury buybacks

The US Treasury said it would be doubling its buybacks of long-dated government bonds this week, a move that shifted the supply-demand balance in the market for US Treasurys and pushed yields lower.

Lower yields have a chain effect on risk-asset prices, as it lowers the value of the US dollar. A cheaper dollar makes other assets, like bitcoin, look more attractive, since investors can fetch a higher yield for their money.

The US Dollar Index, which measures the greenback against a basket of foreign currencies, traded around 98.79 on Friday, down 2% from last month's peak of around 101.

"The story here is that investors are looking for long-term safety as government debt across the developed world continues to grow. This was brought into stark relief," David Morrison, a senior market analyst at Trade Nation, wrote of the increased Treasury buybacks.

Increased buybacks and Trump voicing support for crypto are some of the "most pertinent" reasons behind the recent outperformance in cryptos, Tom Lee, the head of research at Fundstrat, wrote in a note on Thursday, though he also pointed to other factors, like the 4-year historical trend that suggested the latest crypto winter was close to ending anyway.

The latest surge in bitcoin looks like it could be sustainable, analysts at Bitfinex wrote in a note, pointing to factors like strong ETF demand and a "shift" in the macro narrative.

Analysts at Citi said they would be eyeing bitcoin ETF flows to assess the strength of the rally.

"Flows have stalled since the October 2025 liquidations, and their resumption is critical for a sustained rally," the bank added.

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