Bitcoin Tests $120K as Crypto Traders Brace for Potential Short Squeeze

Bitcoin Pressures $120K as Traders Monitor Potential Short Squeeze, Altcoins Advance

Bitcoin (BTC) continues to press against the $120,000 resistance level, inching closer to potential new record highs. Derivatives data suggest a mix of bullish conviction and concentrated risk, keeping traders on alert.

Bearish positions have increased around this key level, but mounting short interest could fuel a short squeeze, potentially pushing Bitcoin higher if sellers are forced to cover.

Meanwhile, the altcoin market is trending steadily upward, advancing despite relatively muted volatility compared to previous bullish runs. This broad-based momentum indicates growing investor confidence extending beyond Bitcoin to other cryptocurrencies.

Market participants are watching Bitcoin closely: a decisive break above $120,000 could spark further upside across both BTC and the altcoin market.