Bitcoin Surges Post Short Squeeze $98.3K Resistance in Focus
Bitcoin ($BTC ) abruptly rallied after prolonged declines, driven by a short squeeze traders betting on price drops were forced to exit positions by buying back $BTC , accelerating upward momentum. The surge began amid bearish sentiment, triggering cascading liquidations of short contracts.
Analysts remain cautious as $BTC tests a critical resistance cluster near $98,300, combining a descending trendline, 0.618 Fibonacci level, order imbalance, and high-volume zone. A breakout with strong volume could signal sustained bullish momentum, while rejection may confirm the rally as temporary.
Concerns linger over thin liquidity and weak spot market demand, suggesting limited organic buying pressure. Success above $98.3K may attract buyers, but failure risks a drop to lower supports. The short squeeze highlights volatility, but genuine recovery hinges on breaching key levels and broader market participation.
