Woofun AI reports that Bitcoin (BTC) surged past $71,000 for the first time since June, marking a decisive breakout from the trading range established on July 8.

The price action was driven by technical exhaustion rather than narrative shifts. BTC had been confined between $62,000 and $66,900 for six weeks, with volatility dropping to multi-year lows and traders consistently fading moves toward the upper bound. This behavior accumulated a dense cluster of short liquidations between $65,000 and $67,000. The catalyst arrived when the U.S. Treasury announced it would double long-dated buyback operations to $4 billion, pulling the 30-year yield down from 5.337%, its highest level since 2007. This macro shift triggered a bid in risk assets that cleared the resistance ceiling.

Woofun AI data shows that once the ceiling broke, $3 billion in shorts were force-bought into thin supply, propelling Bitcoin up more than 8% within an hour.

Political commentary followed the initial mechanical rally. President Donald Trump's remarks landed hours after the bulk of the move had occurred, adding momentum through calls for Congress to pass the Clarity Act and suggestions that the U.S. may acquire significant Bitcoin reserves.

Additionally, news that regulators are developing a compliant pathway for Hyperliquid provided a secondary boost, lifting the price above $70,000.

Altcoins mirrored the risk-on sentiment, with Ether (ETH) reaching $2,270, just below its Wednesday three-month high, after a 19% gain in 24 hours. SOL, XRP, and DOGE all posted double-digit advances. Market sentiment shifted sharply, as Coinbase's Fear and Greed index jumped from 41 ('fear') to 59 ('greed'), while Bitcoin daily trading volume surged 250% to $59 billion.