Bitcoin traders and funds are shifting from short to long positions after the cryptocurrency rose more than 23% in a week and reclaimed its 200-day moving average near $69,000. Cosmo Jiang, a portfolio manager at Pantera Capital, said the move follows a roughly 50% correction over 10 months from Bitcoin’s approximately $126,000 peak in October 2025. Pantera linked the improving sentiment to a friendlier U.S. regulatory environment and expanded Treasury buybacks of government bonds, which may support liquidity and risk appetite. CryptoQuant data had previously indicated that OG Bitcoin whales opened large long positions near last week’s market bottom. Traders are now watching $80,000 as a major resistance level: a break above it could reinforce the bullish outlook, while rejection could prompt renewed caution or a pullback.