Bitcoin (BTC) has traded within the $100,000 to $110,000 range for nearly a month following its all-time high of $111,814 last month. During this period, both long and short positions have increased, with shorts growing more rapidly.
Data from Binance highlighted by CryptoQuant contributor BorisVest shows long positions hold a slight advantage, but the ratio between longs and shorts remains balanced. This equilibrium, supported by neutral funding rates, reflects market indecision. Historically, rising short positions often precede short squeezes, while increasing long positions can trigger long squeezes. A breakout outside the current range could set the stage for Bitcoin’s next significant movement.
Despite long interest stabilizing, short positions continue to climb, likely due to concerns over geopolitical tensions in the Middle East. BorisVest observed that many traders expect the rally to falter, but this widespread short positioning might leave the market vulnerable to an unexpected upward move fueled by accumulation from larger investors.
Several analysts anticipate a major move soon, generally favoring an upside breakout. Crypto trader Josh Olszewics suggested that if liquidity conditions hold, Bitcoin could target $150,000. Technical analysis also shows a bullish inverse head and shoulders pattern forming on the 3-day chart, according to analyst Mister Crypto.
However, on-chain metrics such as the Network Value to Transactions (NVT) Golden Cross indicate Bitcoin may be entering an overpriced zone, suggesting caution.
At press time, BTC trades around $105,940, up 1.1% in 24 hours.