Bitcoin climbed above $80,000 for the first time since mid-May, as optimism returns to the beaten-down crypto market amid a confluence of bullish signals that forced the liquidation of billions in leveraged bets. 

The original cryptocurrency rose as much as 2.9 per cent to $81,257 on Tuesday before reversing gains to trade little changed around $79,300 at 6.30 am in New York. The token remains well below its peak of about $126,000, reached in October.   

Bitcoin is back in favour as chatter about the debasement trade was renewed by Treasury Secretary Scott Bessent’s  announcement last week that the US will step up its bond repurchases in a bid to lower long-term yields, sparking a fresh round of dollar selling. Skeptics…