Bitcoin has stormed back from a months-long downtrend, tearing through $79,500 on Friday as a wave of short covering collided with a US Treasury liquidity push and a fresh White House embrace of the crypto industry.

The U.S. Treasury’s bond-buyback announcement helped send Bitcoin up nearly 6% with one analyst saying a broader recovery may be afoot.

The largest crypto asset rose more than 7% on Wednesday after several catalysts sent crypto-related assets higher.