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Pantera Capital portfolio manager Cosmo Jiang said traders and funds are shifting their BTC positions from short to long after Bitcoin recently broke above its 200-day moving average of $69,000. Jiang said BTC fell about 50% during a 10-month correction after reaching a peak of about $126,000 in October 2025, but rebounded more than 23% over the past week, changing market sentiment. Jiang added that a friendlier U.S. regulatory environment and an expansion of U.S. Treasury buybacks of government bonds have acted as bullish catalysts, while pointing to $80,000 as the next major resistance level.