Bitcoin traders and funds are moving from short positions to long positions after the cryptocurrency broke above its 200-day moving average (a long-term price trend indicator) at $69,000, according to Pantera Capital portfolio manager Cosmo Jiang. Bitcoin had fallen about 50% during a 10-month correction after reaching a peak of about $126,000 in October 2025, but rebounded more than 23% over the past week. Jiang said the recovery has shifted market sentiment, while a friendlier U.S. regulatory environment and expanded U.S. Treasury buybacks of government bonds have provided bullish catalysts. He identified $80,000 as the next major resistance level.