Is $38 the new lower support?

Reading the newly released data from Ortex saying 31 million short shares were returned Wednesday June 2nd
This may explain the volatile spike to $75 as a margin call + short squeeze
twitter.com/ORTEX/status/1400895319383158789

We saw another spike to $67 on Thursday, but that data won't be released until Monday (2 day settlement)
More important to me is the newly established trend (Blue Channel) since May 24th
This I believe marks the day the hedge funds gave up and the price is now controlled by retail investor demand (Apes)
Even if the price drops to $38 next week, if the lower line becomes the new lower support, that channel is growing by 3% per day with the potential of more short and gamma squeezes