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<p>After several days of correction, the price of Bitcoin has bounced back above $63,000 this Friday. Short sellers paid the price, with more than $26 million worth of short positions liquidated in just 4 hours. Are we witnessing the beginnings of a new bullish cycle?</p>
<h2 id="h-bitcoin-crosses-the-63-000-mark-again">Bitcoin Crosses the $63,000 Mark Again</h2>
<p>Despite a mixed April, marked by a <a href="https://www.cointribune.com/le-marche-crypto-au-bord-du-gouffre/" target="_blank" rel="noopener noreferrer nofollow">dip below $60,000</a>, Bitcoin seems well poised to start the month of May on the right foot. The crypto-queen indeed recorded an increase of 4.5% in 24 hours, reaching a peak of $63,107 on Saturday morning.</p>
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<p>This bullish movement caught many bearish traders off guard. According to <a href="https://cointelegraph.com/news/bitcoin-price-springs-62k-us-jobs-data-boosts-rate-cut-bets" target="_blank" rel="noopener noreferrer nofollow">data</a> from Coinglass, an equivalent of $26.65 million in short positions were liquidated within only 4 hours. In total, nearly 50,000 traders were caught offside by the market.</p>
<p>The bullish sentiment now seems to prevail in the Bitcoin options market. Data from the Deribit platform reveals a put/call ratio (put options to call options) of only 0.5, with a max pain (point of maximum pain) located at $61,000. These technical indicators argue in favor of a continuation of the bullish trend.</p> 
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<h2 id="h-strong-fundamentals-outweigh-short-term-doubts">Strong Fundamentals Outweigh Short-Term Doubts</h2>
<p>Beyond technical aspects, the fundamentals of Bitcoin remain solid. Adoption continues to progress, as evidenced by the recent launch of Bitcoin ETFs in Hong Kong.</p>
<p>However, regulatory uncertainties continue to weigh on the market. In the United States, the SEC has been slow to decide on the many <a href="https://www.cointribune.com/en/bitcoin-etfs-crash-563-million-outflows-in-one-day/" target="_blank" rel="noopener noreferrer nofollow">Ethereum ETF</a> proposals submitted in recent months. An approval could act as a strong bullish catalyst.</p>
<p>While it’s too early to speak of a <a href="https://www.cointribune.com/en/bitcoin-how-many-days-until-the-next-bull-run/" target="_blank" rel="noopener noreferrer nofollow">new bull run</a>, Bitcoin is showing encouraging signs in the short term. The next major resistance now stands at $65,000. Breaching this threshold would be a positive signal for the continuation. However, investors will need to remain alert to the numerous regulatory headwinds shaking the market.</p>
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Bitcoin is heading up again, is this the beginning of the bull run?

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