Bitcoin Sentiment Hits Cycle Lows Amid Potential Short Squeeze

Bitcoin's sentiment has hit an all-time low this cycle, according to CryptoMichNL. This marks a significant point for traders who have already capitulated, as a potential short squeeze could occur if the price clears the $67,000-$68,000 zone.

This would accelerate any upward move through forced liquidations. Currently, net positions sit at their most negative.

The 4h chart shows BTC trading at $63,547.53 within the Bollinger Bands, with the price testing resistance near the upper band at $64,706.91.

The EMA50 and EMA200 act as immediate overhead resistance in the prevailing bearish structure. The neutral RSI of 50.36 paired with the MACD golden cross at -213.8 suggests building momentum that could fuel a breakout once sentiment reverses.