Bitcoin Approaches $120K as Market Eyes Short Squeeze, Altcoins Show Steady Gains
Bitcoin (BTC) is steadily testing the $120,000 resistance level, signaling a potential push toward new all-time highs. Derivatives data point to a mix of bullish conviction and concentrated risk, keeping traders attentive.
Bearish traders have increased short positions near this key level, but mounting shorts could trigger a short squeeze, creating upward momentum if sellers are forced to cover.
The altcoin market is also performing well, moving higher despite relatively subdued volatility compared with previous rallies. This broad-based strength reflects growing investor confidence extending beyond Bitcoin to the wider crypto ecosystem.
Traders are closely watching Bitcoin’s ability to break past $120,000, as a decisive breakout could spark further gains across both BTC and altcoins.
