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Bitcoin Price Consolidation and Potential Short Squeeze

# Market analysis

# Bitcoin

# Bitcoin - BTC

Bitcoin Price Consolidation and Potential Short Squeeze

Bitcoin has been trading in a tight range between $91,000 and $94,500 for the past three days. A rare occurrence of negative funding rates alongside rising open interest could lead to a short squeeze. To sustain the uptrend, Bitcoin needs to establish $95,000 as a new support level. Experts believe that the current choppy price action may soon come to an end, with indicators pointing towards a breakout from consolidation. The presence of negative funding rates in Bitcoin's futures markets indicates a potential end to the consolidation phase. Analysts suggest that a rally with negative funding rates and rising open interest is a bullish sign. Bitcoin may continue consolidating below the $95,000 resistance level before making a move higher. The breakout could happen in the coming days as April comes to a close, with a tactical appetite for further upside indicated by call options at $95,000 strikes for end-April and end-May expiries