Long positions had an impressive surge for the past week. There is still some room to the upside, however the parabolic makes bitcoin more susceptible to a long squeeze. A long squeeze occurs when a price fall pressures BTC long holders into selling that will drive a price even further down.
I was under the same impression... but if you backlog and compare btc price to this chart... you will find that longs only fell when they could sell in profit. Someone pointed this out to me. It is inversely correlated to the price of bitcoin. Some of the highest peaks were observed in late 2018 through early 2019... at the bottom of the market. The lower peaks observed though out mid 2019 coincided with the parabolic move up. Cheers.