Bitcoin Tests $120K Amid Potential Short Squeeze, Altcoins Hold Steady
Bitcoin (BTC) is approaching the $120,000 resistance mark, signaling a potential move toward new record highs. Derivatives data indicate strong bullish conviction alongside concentrated short positions, keeping traders on edge.
Short-sellers have increased their bets near this level, but rising short interest could trigger a short squeeze, potentially propelling Bitcoin higher if positions are forced to unwind.
The altcoin market is also moving upward, steadily gaining despite lower volatility compared with previous rallies. This broad-based performance suggests growing investor confidence is extending beyond Bitcoin to smaller cryptocurrencies.
Market watchers are closely monitoring Bitcoin’s ability to clear $120,000, as a decisive breakout could fuel further upside across BTC and the wider altcoin market.
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