Bitcoin Short Squeeze Rallies Hit Resistance, What’s Next?

Bitcoin has experienced a significant price surge driven by a textbook short squeeze. However, the rally faces crucial resistance levels. Will it break out or reverse? Bitcoin’s recent price action has surprised many, with a rebound emerging from oversold conditions. This bounce appears to be fueled by a short squeeze – where bearish sentiment drove many traders to short Bitcoin as its price approached recent lows. As prices began to climb, these short positions needed to cover, leading to an amplified upward movement. However, this rally faces a decisive moment at key resistance levels, suggesting whether it will continue or reverse.