The crypto crowd is so convinced this rally is a fakeout, it might trigger short squeeze
CoinDesk
Despite Bitcoin clearing $73,000, widespread trader skepticism about a bull trap could paradoxically trigger a short squeeze.Summary
Bitcoin recently surpassed $73,000 after weeks of consolidation, but the breakout is met with significant market skepticism, with many traders anticipating a bull trap similar to an earlier violent reversal. This widespread bearish consensus, however, creates a potential paradox: the crowded short positioning could lead to a short squeeze if the price continues upward. Analysts cite heavy overhead supply as a risk, suggesting a rally toward $76,000 might attract sellers. Furthermore, macro uncertainty stemming from geopolitical tensions, like the Iran conflict, complicates the outlook. For Bitcoin to confirm a macro bullish structure, it needs to surpass the previous high near $98,000 set during January's trap.
(Source：CoinDesk)