Bitcoin's Short Squeeze Opportunity Looms as Price Hits $80,849

Bitcoin is trading at $80,849 after a sharp 3.84% surge.

The move has sparked caution among traders due to an overbought RSI of 71 and a flat MACD histogram, indicating stalled momentum.

However, the technical setup is not entirely bearish, with 55.6% of retail traders sitting short, which could fuel a short squeeze if prices clear $82,939.

The short squeeze scenario would see BTC rally towards $85,030 and potentially into the upper Bollinger Band territory near $86,700.