After reaching new local highs recently, Bitcoin is at a turning point, pushing the market into a cautious yet optimistic mood. Despite the surge, analysts and investors remain wary, as BTC has repeatedly dropped from these levels since March, leading to concerns about another potential decline. 

The question on everyone’s mind is whether Bitcoin can break through this resistance or if history will repeat itself.

Key data shared by a top analyst reveals that many open positions on Binance are shorts, signaling bearish sentiment among traders. This has led to predictions of an impending drop for Bitcoin, further fueling caution in the market. 

However, some analysts argue this could be a trap for bearish investors, as the overwhelming number of short positions might trigger a short squeeze if BTC moves higher.

Will the bearish sentiment prevail, or will Bitcoin defy expectations and continue its upward momentum? Investors are closely watching for signs that could tip the scales in favor of another rally.

Bitcoin Selling Pressure

Bitcoin is entering a make-or-break phase that will disappoint or impress investors in the coming weeks. After a strong rally over the past two weeks, the bullish sentiment is now cooling as the price hits a crucial resistance level, one that has triggered previous rejections. 

Investors are on edge, wondering whether BTC can break through or if a significant pullback is on the horizon.

Top analyst and investor Ali Martinez shared key data on X, revealing that 58.23% of all Bitcoin positions on Binance are short, signaling bearish sentiment. 

Many traders expect Bitcoin to face rejec

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Author: Sebastian Villafuerte