Bitcoin Coils Near $77,000: Short Squeeze Potential Grows Amid Geopolitical Fog

Due to uncertainty about the US-Iran ceasefire, BTCUSD trades flat. It reached an intraday high of $77437 and is currently trading at roughly $77124.

The present dynamics of the Bitcoin market are distinguished by an extraordinary increase in perpetual futures trading, with derivative volumes surpassing spot activity by a ratio of almost 11 to 1. Despite Bitcoin's strong surge above USD 74,000, market sentiment remains strangely wary, as shown by regularly negative financing rates, the lowest since 2023, which signal a prevalence of short bets as more and more institutions use futures to protect their portfolios. This "wall of worry" dynamic has produced an extremely compressed market structure; while bearish leverage persists in the derivatives market, constant institutional spot accumulation through ETFs is counteracting this pressure, therefore setting the groundwork for a potential huge short squeeze should present price strength compel the liquidation of these major short holdings.

 Major support- $76000/ $74800/$74000/$73290/$70000/$67000/$64000/$60000. Minor bullishness only above $80000. Any break above targets $85890/$90000.

It is good to buy on dips around $75000 with SL around $71980 for a TP of $84490.