Bitcoin has officially broken out of its consolidation range, surging past $77,000 in one of its most explosive moves in over three years. The rally was ignited by a massive $2.7 billion derivative short squeeze, which triggered a cascading chain of buy orders across major exchanges as bears were forced to liquidate positions. Beyond technical market mechanics, major policy and macro developments are providing strong structural support. High-level momentum in Washington—including a White House crypto summit, progress on the CLARITY Act, and the SEC proposing Regulation Crypto Assets—is offering institutional capital much-needed regulatory clarity. At the same time, a macro shift is underway. U.S. Treasury bond buyback programs have helped pull yields lower, sparking a broader risk-on rotation across global financial markets. With institutional spot buying absorbing order book liquidity, Bitcoin continues to establish new price discovery zones. Is this breakout the opening stage of a sustained macro bull run, or will we see a retest of previous resistance levels first?