Fear, uncertainty, and doubt (FUD) dominated the cryptocurrency market this week as volatility took over and most cryptocurrencies crashed. Bitcoin (BTC) has also suffered from this bearish sentiment, creating a scenario favoring an imminent short squeeze for the asset.

In particular, the derivatives market open interest (OI) in Bitcoin remains at all-time high levels, as previously reported. On June 15, Finbold retrieved updated data from CoinGlass showing a $34.5 billion OI with BTC at $66,224.