Bitcoin Price Downward Trend Accelerates: Short Squeeze Hope at $98K?

Bitcoin’s recent downward trend has intensified, with the price falling to a six-month low of around $88,267 on Thursday. Experts anticipate further declines before key economic data releases next week could influence market volatility. While this brings uncertainty to the future outlook for Bitcoin, traders remain hopeful that a short squeeze, aiming for a rebound at $98,000, could reverse the bearish trend. This hope stems from Bitcoin’s need to reclaim this level to gain momentum. 78% of total Bitcoin trading volume is currently in the hands of whales, indicating high liquidity and potential volatility.