Bitcoin was trading around $77,000, holding last week's explosive gains but below $80,000. The cryptocurrency surged more than 20% last week and reached roughly $79,500 on Friday, its highest level in about three months. The rally reflected Treasury bond buybacks, a weaker dollar, ETF demand, regulatory optimism and a historic short squeeze. But the market now faces a different test. The forced buying that powered the first leg is fading, leaving Bitcoin dependent on sustained institutional demand and friendlier rates. Short squeeze got Bitcoin here, but that fuel is fading More than $4.3 billion in bearish crypto positions were liquidated from Wednesday onwards as prices jumped.