Bitcoin’s rally toward $80,000 has shifted trader sentiment from selling rallies to buying dips, according to Blockchain.com’s Global Head of OTC Trading Mark Sishka. He said a major short squeeze drove the advance, prompting traders who had been waiting for prices below $60,000 to reassess. Sishka said Bitcoin appears toppy near current levels, with rebuilt long leverage potentially setting up a short-term move toward $70,000-$72,000 before a renewed attempt at $82,000-$85,000. Bitcoin options markets also show improving sentiment: long-dated skew has moved from a sustained put preference toward flat or slight call premium, while demand has emerged for short-dated calls around $82,000-$85,000. Ethereum traders have bought upside exposure between $2,800 and $3,500. Sishka said institutional demand remains strong, particularly when Bitcoin trades at lower levels. He continues to monitor Bitcoin’s historical four-year cycle and acknowledged that another cycle low below $60,000 remains possible if history repeats closely. However, investors expecting another deep decline are increasingly concerned about missing a further advance, making pullback demand potentially more significant than a short-term return to $70,000.