Bitcoin has experienced a significant surge, climbing above $79,000, marking its highest price since early February. This increase comes one week after the ex-dividend date of Strategy's perpetual preferred stock, STRC, which typically leads to a drop in price. However, Bitcoin's resilience is attributed to negative funding rates that have prompted short sellers to cover their positions, creating a short squeeze. Additionally, a persistent premium on Coinbase suggests robust demand from U.S. investors. Strategy, the largest publicly traded company holding Bitcoin, has also disclosed a substantial purchase of 34,164 BTC. As of now, STRC trades at $99.47, recovering from its ex-dividend drop, which positions the company to utilize its at-the-market (ATM) program for further Bitcoin acquisitions. Overall, the combination of short covering and strong demand has contributed to Bitcoin's upward trajectory.