Bitcoin Just Jumped to $76.8K. Is the Bottom Finally In?

Bitcoin climbed nearly 9% over 24 hours, reaching approximately $76,800 on Friday and its highest level since May, and raising a bigger question for traders: has the market finally found its bottom?

The move followed the US Treasury's decision to expand liquidity-support buybacks of longer-dated government bonds. The announcement came alongside a new SEC proposal on cryptocurrency regulation and a White House meeting between President Donald Trump and executives from the crypto industry.

The combination of catalysts triggered a wave of forced short sell-off. More than $2.74 billion in short positions were liquidated on Wednesday alone. 

The unwinding continued into the following day, with an additional $902.61 million in BTC shorts liquidated over the subsequent 24 hours as the price pushed higher.

The Bitcoin price surge has not convinced all market participants that Bitcoin has entered a new bull cycle.

CryptoQuant CEO Ki Young Ju said Bitcoin demand had turned positive across both spot and futures markets for the first time since the October 2025 all-time high. 

He described the shift as an early and still relatively weak signal, arguing that a sustained improvement over the next month would provide stronger evidence that the market cycle had turned.

That view contrasts with more bullish traders like @astronomer_zero, who argues that Bitcoin has already established a bottom near $60,000 and is now entering a broader breakout phase. 

Their case rests on improving macroeconomic conditions, Treasury market support, regulatory developments, and a potential recovery in institutional demand.

A sustained shift in spot and futures demand, if confirmed over time, would carry significant weight for the broader crypto market's cycle outlook. 

The rally also highlights how closely Bitcoin's short-term price action is now tied to macro liquidity policy rather than crypto-specific catalysts alone.

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