Bitcoin holds above $80,000 as traders bet on $82,000 breakout

Bitcoin held above $80,000 in trading tied to the August 25 session, extending a rally that has taken the token up more than 25% over the past week. The move followed the US Treasury's expansion of its bond-buyback program, which weakened the dollar and revived so-called debasement-fear trades that push investors toward scarce assets like Bitcoin. Traders have now put $2.9 million into options positioning for a quick move above $82,000, according to CoinDesk. Solana, a rival blockchain token, rose 8% this week as validators vote on a proposal, and led gains among major tokens. Not everyone is convinced the rally has room to run. CoinDesk also reported an overbought warning attached to the move, and demand for downside protection — insurance against a price drop — has not disappeared. That leaves the market split between traders chasing further upside and others still hedging against a reversal.