Bitcoin Breaks $78,000

A new all-time high is less about the number itself than about what it signals: risk appetite has returned to a market that spent much of the past year range-bound. The move matters most for holders who endured the drawdown and for the broader crypto complex, which tends to trade on Bitcoin's direction. The open question is whether this is durable demand or a momentum chase — follow-through in the days after a record, rather than the record itself, is what separates a breakout from a spike.