The BTC move is real. Whether the market has actually changed is a different question.

After weeks stuck between $63K and $65K, Bitcoin pushed above $75K in just a few sessions. But what is driving it matters even more than the move itself.

This time, flows are improving. Spot Bitcoin ETFs attracted around $1.6B this week, while spot demand recovered sharply from deeply negative levels. That gives this rally more substance than previous rebounds.

But we also need to discount the squeeze. Almost $3B in shorts were liquidated, making this the 8th-largest crypto liquidation event on record. BTC moved from roughly $65K to $70K in just 45 minutes as forced buying accelerated the rally.

Breakout does not yet mean confirmation.

The key area now is $67K-$70K. The average acquisition price of BTC bought over the past six months sits around $67K. Holding above that zone for several days would tell us much more than the initial spike. A quick move back below it would reopen the door to $60K.

Treasury yields are worth watching too. US Treasury buybacks initially helped bring yields down and supported risk assets, but long-term yields are rising again. That macro risk has not disappeared.

The message is not that the bull market is back. It is that, for the first time in a while, enough pieces are moving in the right direction to stop looking only at the downside. Now Bitcoin needs to prove it can keep the new range without another $3B short squeeze doing the heavy lifting.