Bitcoin (BTC) has surged 5%, reaching $78,000 after breaking above a descending trendline that defined a bear market from a previous high of $128,000. This breakout has created conditions for a potential short squeeze, as traders who have built short positions may face significant losses if the upward momentum continues. The last notable short squeeze occurred during the FTX collapse in late 2022. Financial institutions are increasingly engaging with Bitcoin, with Goldman Sachs filing for a Bitcoin exchange-traded fund (ETF) and Morgan Stanley launching its own Bitcoin-tracking ETF. U.S.-listed Bitcoin ETFs have absorbed over $800 million in inflows recently, indicating a reversal from earlier outflows. Key resistance levels for Bitcoin are at $80,000 and $82,988, while support sits at $75,283. Analysts suggest that a break above $76,000 could propel Bitcoin toward $85,000.