Analyst: The strong rise in Bitcoin may be a signal of a change in the fundamental situation.

David Duong of Coinbase Institutional stated in a report that Bitcoin traded above $75,000 for most of the week, which is seen as a positive sign for future market trends. Duong said, "We have seen a significant wave of short positions being closed as the price rises." He added, "While this may initially sound like a bearish signal... many important trend reversals and market structure breakthroughs have started from trends driven by position closures." Duong also mentioned that if the Bitcoin price stabilizes between $75,000 and $80,000, higher spot demand could eventually drive the price up to $84,000. According to data from the London Stock Exchange Group, Bitcoin fell by 0.1% to $77,818.