Swyftx lead analyst Pav Hundal says this isn’t a “classic bulls versus bear battle,” while Swan Bitcoin CEO Cory Klippsten predicts “somebody gotta break at some point.”
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.”
