Bitcoin surged past $72,000 on Thursday, marking its highest level since May following a record short-liquidation event that saw $2.75 billion in shorts wiped out. The rally was fueled by expanding Treasury buybacks, the SEC's crypto proposal, and a White House meeting with President Donald Trump featuring top crypto executives.

"Squeezes start rallies, but they don't sustain them, and this one has more behind it than forced buying," said Gideon Hyams, chairman and co-founder of STS Digital. He noted that falling long-end yields, returning ETF flows, and a clearer regulatory path in Washington are conditions that could turn a bounce into a trend.

Nicolai Søndergaard, senior research analyst at Nansen, emphasized that while short covering accelerated the breakout, sustained acceptance above $70,000 will depend on continued spot buying. Bitcoin traded around $72,345 at publication time.

Crypto Quant founder Ki Young Ju observed that Bitcoin demand has turned positive in both spot and perpetual futures for the first time since the October 2025 all-time high. "If this holds for another month, it would be reasonable to conclude that the bear market is over and a new bull cycle has begun," he said. Paul Howard of Wincent noted that 24-hour trading volumes rose 5x from the yearly low, with the low-volatility environment amplifying positive news.