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Bitcoin Drops Below $66K Amid Short Squeeze Risk
The Block·
Bitcoin's price has fallen below the $66,000 mark, continuing its recent range-bound trading between $60,000 and $70,000. Analysts suggest that while spot demand is absorbing some selling pressure, it's not yet sufficient to drive a significant upward trend. The current market setup indicates a period of transition, with a substantial amount of Bitcoin supply still held at a loss. This positioning, coupled with defensive derivatives strategies showing a preference for short exposure, raises the potential for a short squeeze, especially with the upcoming Easter holiday potentially influencing market activity.
Tickers
$BTC-USD
Tags
fintech
crypto
macro
Original Source
The Block — theblock.co