Short squeeze alert: Bitcoin short-sellers could fuel another rally
Bitcoin (BTC) has recently rallied to the $72,000 resistance of a 3-month price range and suddenly dropped back to $67,000. This volatility created imbalances in the derivatives market, now weighted toward Bitcoin short-sellers, possibly leading to an impending short squeeze. Notably, since late February, Bitcoin has kept the $12,000 price range from $60,000 to $72,000. In the meantime, two deviations from the range marked a rally to $73,805 for a new all-time high and a sudden crash to $56,537. On May 21, the leading cryptocurrency precisely reached $72,000 again, and Bitcoin short-sellers jumped in betting in the pattern. As developed, BTC indeed respected the 3-month range and currently lost 6.4% from this level, trading at $67,315. Picks for you How rich is the Florida Senator: Marco Rubio's net worth revealed ...