Bitcoin reclaims 200-day moving average for first time since November

Reclaiming the 200-day moving average matters less as a signal in itself than as evidence that macro liquidity, not crypto-native catalysts, is driving this move. The trigger — an expanded Treasury buyback program — links Bitcoin's bid directly to the same duration and liquidity trade lifting long-end bonds, which means the correlation cuts both ways. The open question is whether that bid outlasts the policy headline, or whether this is another momentum burst that fades once the buyback effect is priced in.