Saylor's Buy Signal Triggers Short Squeeze Hopes Amid Bitcoin Weakness

The Bitcoin market remains skeptical about its recent price movement, viewing it as a relief rally rather than a genuine breakout. Despite this, derivatives data suggests traders are leaning heavily bullish, with a multi-year high of 1.81 in the Long/Short Ratio on CoinGlass.

This puts heavily leveraged longs at risk of a sharp unwind if Bitcoin follows the broader market's bearish Q3 expectations. Meanwhile, short leverage is building up, with over $30 million stacked around the $65.8k level alone.

Michael Saylor's latest buy signal has sparked interest, particularly given its timing and the strong ETF inflows of over $870 million last week. This could potentially trigger a short squeeze and push Bitcoin toward the $66k range.