After falling to around $65,500, Bitcoin has slowly recovered, briefly reclaiming the $67,000 level. On-chain data suggests a possible upward trend in the coming weeks.
A record number of traders are betting against Bitcoin, with net short positions rising over 52% in two days. This shift in sentiment could signal potential further downside, but historical trends show the market often moves opposite to the crowd.
If Bitcoin begins to rise, those who bet against it may be forced to buy back, potentially triggering a short squeeze. As of now, the price stands at $66,880, up nearly 2% in the past 24 hours.
