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Bitcoin rebounded above $64,000 after a sharp short squeeze wiped out roughly $320 million in bearish positions within just 15 minutes. The rally was driven mainly by short covering rather than new buying, as open interest declined while prices rose. More than $660 million in crypto positions were liquidated across the market over 24 hours. The move comes as Bitcoin tests its 200-week moving average, a historically important support level that has coincided with previous market bottoms. Despite the rebound, sentiment remains cautious. The Fear & Greed Index is still in "Extreme Fear," and analysts remain divided on whether Bitcoin has formed a bottom or could see another leg lower. Near term, holding above the 200-week moving average could support further recovery, while a break lower may revive bearish targets around $50,000–$55,000.