Bitcoin Hits $78,000 As 46 Days Of Short Positions Face Potential Short Squeeze
Bitcoin (CRYPTO: BTC) is up 5% after breaking above the descending trendline that defined the entire bear trend from $128,000, setting up short-squeeze conditions.
The 46-Day Short Streak
The last time this squeeze happened was November to December 2022 during the FTX collapse.
“Traders are actively building short positions and betting against a breakout, creating conditions where a short squeeze becomes more likely if upward momentum persists,” said Vetle Lunde, head of research at K33.
If prices keep climbing, traders who bet against the rally face mounting losses that can force them to buy back positions all at once, sending prices sharply higher in a cascading short squeeze. The longer the standoff persists, the bigger the potential unwind.
The Wall Street Push
Goldman Sachs (NYSE:GS) filed for a Bitcoin ETF this week, its first direct push …
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