Bitcoin's price momentum has stalled following a double short squeeze event observed between 03:15 and 04:00 UTC. During this period, BTC experienced a concentrated short liquidation without a typical pullback, resulting in $231 million in limit sell orders against $141 million in market buy orders. Open interest decreased by 836.5 BTC, indicating a combination of short liquidations and long/short position rotation. Spot market leaders aggressively purchased $32.54 million at market price, driving prices higher. However, despite the initial surge, open interest is now slowly rising, and price momentum has stagnated. This suggests a coexistence of long accumulation and short-term price suppression, cautioning traders against potential reversals.
Bitcoin Stagnates After Double Short Squeeze Event
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