Bitcoin's resilience stems from hitting a potential bottom near its 200-week moving average ($60k) in early February, followed by organic recovery with ETF inflows, improved options positioning, and on-chain activity.

Recent perpetual futures market showed excessive short demand (negative funding rates), creating risk of short liquidations which pushed Bitcoin to $76k. We're not very bullish, but the bottom may be in.

We've seen rotation from other assets. The fall rally in gold/silver/precious metals was momentum-driven, not fundamental. Bitcoin didn't fail as a store of value.

Clarity Act is stalled, but SEC/CFTC issued new guidance shifting focus from token to transaction intent, creating a taxonomy. Most crypto (digital commodities, collectibles, utility tokens, stablecoins) are NOT securities.