Bitcoin's price recovery above $75,000 is fraught with skepticism, as leveraged traders remain bearish, reflected in 46 consecutive days of negative funding rates on perpetual futures. This situation mirrors the bearish trend seen during the collapse of the FTX exchange in late 2022. If Bitcoin continues to rise, traders who have shorted the asset may face significant losses, potentially triggering a short squeeze that could drive prices sharply higher. The cryptocurrency has gained approximately 11% since its April low, bolstered by renewed interest in US-listed exchange-traded funds (ETFs) and substantial purchases from Michael Saylor's Bitcoin treasury firm, Strategy, which recently acquired $2.6 billion worth of Bitcoin. Additionally, major financial institutions are making moves into the crypto space, with Goldman Sachs filing for a Bitcoin ETF and Morgan Stanley launching its own Bitcoin-tracking ETF. These developments have contributed to over $800 million in inflows into US-listed Bitcoin ETFs in the past week, reversing earlier trends of outflows. Analysts suggest that if Bitcoin breaks above $76,000, it could extend its rally towards $85,000, potentially catching many traders off guard.