Bitcoin is pulling back toward $78,000 today after higher-than-expected U.S. PCE data, but it still serves as something of a litmus test for the broader crypto bull market and has already delivered an impressive rebound. It is Bitcoin that deserves the most attention here, given that it has already risen by almost 40% from the local cycle low near $57,000 to around $80,000. Last week’s move caught the market off guard, with BTC jumping from roughly $63,000 and, importantly, giving back very little of that advance so far. New demand is absorbing a meaningful part of the profit-taking. The scale of the rebound is significant, but what is even more interesting is what is happening beneath the surface: spot volumes are rising, derivatives activity is increasing, ETF inflows are strengthening and the number of active addresses on the network is moving higher. This no longer looks like a purely technical rebound after an oversold move, although the short squeeze undoubtedly helped accelerate it. At the same time, the market is becoming increasingly overheated as leverage and the share of short-term capital rebuild quickly alongside the price. Bitcoin is strong again, but the closer it gets to $80,000–82,000, the more questions emerge about how sustainable the entire move really is.