The crypto market got a serious jolt after the US Treasury announced it would ramp up buybacks of long-term bonds. Against this backdrop, Wintermute analysts flagged a breakout for Bitcoin and weighed the odds of more upside ahead.

What the Market Saw

According to the Wintermute team, the main driver was the pileup of short positions just above the top of the recent range. The heavy concentration of bearish bets in that zone made the move upward even sharper when it broke.

Volatility Is Back

Experts say the market has finally shaken off a six-week stretch of low volatility. With that uncertainty cleared, there's now more room for strong, directional moves to play out.

Forecast: Bullish Reversal

With the key conditions now in place, Wintermute analysts have flipped bullish. They point to a mix of renewed momentum and structural positioning factors behind the shift. Source: Incrypted.