Bessent is still awesome. Before the market opened, the U.S. Treasury announced that starting September 9, it would double the single transaction limit for liquidity support repurchases of long-term nominal interest-bearing Treasury bonds from $2 billion to at least $4 billion. As soon as the news dropped, yields on 10-year, 20-year, and 30-year U.S. Treasuries collectively fell sharply. The Treasury doesn’t want long-term yields to spiral out of control. By increasing repurchases, especially for older long-term bonds with relatively poor liquidity, it’s essentially providing stronger liquidity support to the long-term Treasury market. Once long-term rates come down, financial conditions ease as well, which is bullish for tech stocks, growth stocks, and high-beta risk assets like Crypto. That’s why gold, $BTC, and the entire Crypto market surged today. Rapid yield declines + liquidity support from the Treasury = the market immediately shifted to Risk-on mode. $BTC’s spike today basically wiped out the short liquidity accumulated around the $68K–$70K range in one go. The first step is done: squeeze the shorts. Next, we’ll see if $BTC can hold steady and push higher after absorbing this batch of liquidity, or if it’s just a fake breakout that falls back to $67,300. If a real breakout forms here, the rally could extend further to the upper EMA 200 at $71,480. But if this is just a macro-driven liquidity sweep that leads to a pullback, then we need to be cautious about the next phase, which might involve seeking long liquidity below. It all depends on whether $67,300 can be broken and held. Any drop back below $67,300 with failed retests is a potential shorting opportunity.