Bitcoin Shorts Reach Unprecedented Levels Amid $70K Resistance

As Bitcoin maintains its position above $70K, shorts surge. Traders expect further declines despite BTC's recent recovery.

The current market dynamics surrounding Bitcoin have seen derivative traders gravitating towards short positions, signaling a bearish outlook. The flagship cryptocurrency is presently navigating a narrow trading range beneath the $70,000 mark.

Recent data from CryptoSlate reveals that Bitcoin's price dipped to a low of $65,092 in the past 24 hours. However, it has bounced back slightly, currently sitting at $66,947 at the time of writing. This price pattern indicates a continuation of the trend observed over the last week.