Bitcoin Eyes $120K as Derivatives Data Signals Potential Short Squeeze, Altcoins Advance
Bitcoin (BTC) continues to test the critical $120,000 resistance level, inching closer to fresh record highs as derivatives data highlight both bullish conviction and concentrated risk.
Bearish traders have increased short positions around this key level, but rising shorts could inadvertently fuel upward momentum, creating the conditions for a potential short squeeze.
Meanwhile, the altcoin market is showing steady strength, advancing higher even without the same volatility seen in previous bullish runs. This broad-based crypto momentum suggests investor confidence is extending beyond Bitcoin to smaller tokens.
As BTC battles $120,000, market participants are watching closely for signs of a breakout that could trigger further upside across the crypto ecosystem.
