After the lawsuits against Binance and Coinbase, it didn't take long for the crypto money markets to retreat.
While risks and pressures on altcoins continued, Bitcoin dominance rose to 51%, and with the rise earlier today, Bitcoin again reached the $ 29,000 limit.
We have witnessed such rises before to liquidate short positions accumulated after bad news. So, is the last rally in Bitcoin a short tightening operation, or is someone really buying Bitcoin?
Ki Young Ju, CEO of popular data analytics company CryptoQuant, said that the recent surge in Bitcoin is not about squeezing shorts and that someone is actually buying Bitcoin.
“This is not a short squeeze rally. Someone is buying too much Bitcoin.
I repeat.
This is not a short squeeze rally. Someone is buying too much Bitcoin.
Sharing the Bitcoin Short Squeeze Ratio indicator, Ju stated in his post on June 16 that the rise is organic and that a short squeeze has not occurred yet.
According to Ju's post, there is still a bullish opportunity to squeeze shorts in Bitcoin.