Bitcoin's break above key price levels has divided analysts over whether a new bull market is taking shape. Quantum Economics founder Mati Greenspan said the move resembles historical market-bottom formations, which often feature short squeezes, a sharp one-day gain and a break above technical resistance, followed by renewed buying from investors who missed the initial move. He said the probability of a major Bitcoin pullback is declining and that FOMO (fear of missing out) may intensify. AdLunam co-founder Jason Fernandes remained cautious, saying the bear market cannot yet be declared over without sustained spot ETF inflows and clear signals of interest-rate cuts. The rally was supported by an expanded U.S. Treasury bond-buyback program, lower long-term yields and improved sentiment toward risk assets. Bitcoin had previously traded between $64,000 and $66,000, where large short positions accumulated; the breakout triggered cascading liquidations in derivatives markets and accelerated the advance. TBV co-founder Tobias Bauer said Bitcoin futures trading on Binance reached $1.26 billion within one minute, 361 times the normal level, while the funding rate (the periodic payment balancing futures prices) reached the exchange's limit, indicating crowded leveraged longs and rising costs for chasing the rally.