Bitcoin: Sentiment Hits Cycle Lows on Net Short Positions

Bitcoin sentiment has sunk to the lowest point this cycle while net positions sit at their most negative, according to @CryptoMichNL.

Traders who have already capitulated face a potential short squeeze if price clears the $67,000-68,000 zone, which would accelerate any upward move through forced liquidations.

On the 4h chart BTC trades at $63547.53 inside the Bollinger Bands with price testing resistance near the upper band at $64706.91 while the EMA50 at $63828.91 and EMA200 at $63765.28 act as immediate overhead resistance in the prevailing bearish structure; the neutral RSI at 50.36 paired with the MACD golden cross at -213.8 points to building momentum that could fuel the breakout once sentiment reverses.