Bitcoin Shorts Surge Ahead of Crucial CPI Report

Bitcoin traders have opened significant short positions totaling 5,379 BTC (around $343 million), expecting resistance near $66,000.

This bearish sentiment aligns with the upcoming CPI report, making the next 24 hours critical for Bitcoin's price direction. While selling pressure has eased, Bitcoin hasn't reached extreme lows seen in past bear markets, suggesting the shorts might be a strategic bet.

Analysts suggest that if the CPI data is softer than expected, Bitcoin could break above $66,000, triggering a squeeze and potentially one of the largest bear traps of the cycle.