**[Bull Market Signal or Short-Term Frenzy? Analysts Cautious About Sustainability of "Short Squeeze Rally"]** Odaily Planet Daily News: Bitcoin recently broke through a critical price level, sparking discussions in the market about whether a new bull market has begun. Some analysts believe that rapid price increases, concentrated short covering, and technical breakthroughs are typical signals of a market bottom reversal. However, others warn that macroeconomic conditions and capital inflows remain key factors in determining the sustainability of the rally. Quantum Economics founder Mati Greenspan stated that Bitcoin's recent upward trend is very similar to the formation phase of historical market bottoms. Typically, market bottoms are accompanied by short squeezes, single-day surges, and breakthroughs of significant technical resistance levels, followed by investors who missed the rally re-entering the market. He believes that the probability of a significant Bitcoin pullback is currently decreasing, and market FOMO sentiment may further intensify. However, AdLunam co-founder Jason Fernandes remains cautious. He noted that without sustained inflows from spot ETFs and clear signals of interest rate cuts, it cannot yet be confirmed that the bear market has ended. Bitcoin may lose upward momentum near upper resistance levels. Analysts pointed out that the current rally is driven by multiple factors, including the U.S. Treasury's expansion of bond repurchase programs, declining long-term yields, and improved sentiment toward risk assets. Previously, Bitcoin had been oscillating in the $64,000 to $66,000 range for an extended period, accumulating a large number of short positions. The breakout triggered a chain reaction of liquidations in the derivatives market, accelerating the price surge. TBV co-founder Tobias Bauer highlighted that Bitcoin futures trading volume on Binance reached $1.26 billion within one minute—361 times the normal level—while funding rates rose to the exchange's upper limit, indicating crowded leveraged long positions. He noted that the cost of chasing the rally is currently increasing. (CoinDesk)