Bitcoin’s uptrend towards $80,000 is increasingly attracting bears – but they keep losing

Bitcoin is rallying toward the $80,000 mark, fueled by a combination of geopolitical diplomatic pauses and intense short-position liquidations in the derivatives market. While macroeconomic risks—such as the ongoing situation in the Strait of Hormuz and potential Federal Reserve policy shifts under nominee Kevin Warsh—remain central to investor sentiment, internal market mechanics are currently dominating price action. Extremely negative funding rates and a shrinking supply on exchanges have forced short sellers to cover their positions, creating a short squeeze that powers the current uptrend. The asset now faces critical resistance levels near $80,000 and $83,000, where trapped investors may seek to exit their positions, determining whether the current momentum can establish a new structural support level.

(Source：CryptoSlate)