BITCOIN NEXT MOVE

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As Bitcoin (BTC) toes around the $70,000 price mark, there’s speculation that short-sellers are feeling the pressure due to diminishing downtrends and quicker-moving uptrends, potentially driving Bitcoin’s price to $80,000, according to an analyst.

“This is a textbook sign that shorts are being squeezed as we hit fresh all-time high territory,” trading resource The Kobeissi Letter stated in a March 26 X post.

The Kobeissi Letter explained the main factor for the BTC short squeeze is the margin between institutional long positions and hedge fund short positions is “at a record high.”

Institutions net long against hedge funds net short. Source: X/The Kobeissi Letter

“While hedge funds hold nearly 15,000 in net short contracts, institutions hold nearly 20,000 in net longs,” the post added.

Meanwhile, it noted that Bitcoin’s price dips “keep on getting shorter and shorter.”

Over the past seven days Bitcoin hit its lowest point at $61,224 on March 20 while reaching its peak at $71,511 on March 26, representing a gap of just 8.7%, per CoinMarketCap data.

Bitcoin’s current price is $70,480. If it reaches $71,000, $72.98 million in short positions will be liquidated, per CoinGlass data. A climb to $75,000 will liquidate $1.38 billion in short positions.