Institution: The strong rise in Bitcoin may be a signal of a change in fundamentals.

David Duong of Coinbase Institutional stated in a report that Bitcoin has been trading above $75,000 for most of the week, which is seen as a positive sign for future prices. Duong said, "We see significant liquidation of short positions as the price goes up." He added, "While this may initially seem like a bearish signal... many important trend reversals and market structure breakthroughs start with liquidation-driven movements." Duong additionally mentioned that if Bitcoin's price stabilizes between $75,000 and $80,000, higher spot demand could eventually push the price up to $84,000. According to data from the London Stock Exchange Group, Bitcoin has dropped 0.1% to $77,818.