Analysts at K33 and Bitwise said Bitcoin's short squeeze and a catalyst linked to U.S. Treasury Secretary Scott Bessent may signal a broader bull-market reset after Bitcoin gained 23% over the past week. Spot and perpetual futures volumes rose 188%, while bitcoin exchange-traded products recorded net inflows of 31,740 BTC. K33 data showed $1.37 billion in bitcoin shorts were liquidated on Aug. 19.