Bitcoin Surge Squeezes Shorts, Rally Faces Resistance

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Bitcoin bulls took another swing at the $77,000 resistance, but profit-taking and traders’ reluctance to increase margin and spot longs limit the strength of each breakout.

Bitcoin (BTC) traders pushed the price to $77,400, but data suggests profit-taking may thwart the bull's goal of turning the $77,000 to $80,000 zone into support. 

Orderbook data from TRDR shows over $130 million in asks extending from $76,700 to $79,300. 

Given Bitcoin’s negative futures funding rate and the small negative long-short delta (-$1.47 million at the time of writing), bulls have a slight edge in the short-term.

The situation could shift further in their favor if the BTC price pushes into short liquidity starting at $76,800, where there is a -$66.5 million to -$189 million negative delta, meaning short positions face a significantly higher risk of forced closure.


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