According to CoinMeta, as reported by Coinpedia, Bitcoin recently broke through $73,000, triggering $3 billion in short liquidations, mainly driven by macroeconomic and political developments. Market signals indicate that the market's surrender is coming to an end, preparing the way for a possible rebound. Sustained spot demand is a necessary condition for confirming a bull market scenario, with expectations of reaching $100,000 by the end of the year. On Wednesday, Bitcoin broke through $65,000 and then rose to around $73,856, with key drivers including the U.S. Treasury's bond repurchases, regulatory support from the White House, and large-scale short squeezes. Currently, the market value to realized value ratio is 0.56, which is in a neutral range, and prices are based on on-chain costs rather than speculative hype. The weekly relative strength index is 49.5, close to the edge of a structural shift. The current rebound is mainly driven by short squeezes, and the accumulation of spot volume has turned positive, indicating that whales are buying into the breakout.