🟠 Bitcoin (BTC): Short Squeeze and Market Resistance

Bitcoin's recent rally, driven by a short squeeze, has seen its price surge above $97,000. This upward movement has faced resistance, and analysts are monitoring for potential breakouts or pullbacks. Despite the rally, market data indicates signs of profit-taking, suggesting a possible decline in the near term.

In the past week, short positions on Bitcoin have increased, with $550 million worth of short positions liquidated during a recent spike to $93,000. This indicates a shift in market sentiment, with traders adjusting their positions in response to price movements. $BTC