Bitcoin rose by about 25% within a few days, reaching the 78–79K range from the 64K zone. The main reason was a change in the U.S. Treasury buyback program. The U.S. Treasury increased long-term bond buybacks from $2 billion per trade to $4 billion. The 30-year bond yield fell from around 5.34% to 5.19%. The rally’s start was macro-driven, but its magnitude was boosted by a short squeeze. During the two-day move, more than $4 billion in bearish/short crypto positions were liquidated. U.S. spot $BTC and $ETH ETFs saw a total net inflow of approximately $2.61 billion. I don’t see BTC stalling around 77K as bad. On the contrary, after a 20%+ move, letting the market cool off a bit is healthy. On the technical side, BTC has regained the daily 200 EMA. That is the most important development in this chart. My near-term outlook: SIDEWAYS