BTC hovering around $60k: Short squeeze potential?

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Welcome to this BTC quick analysis.
Bitcoin (BTC) is currently trading at around $60k, and we might see a potential short squeeze in the charts.

Here's what to consider:

Support level: There is some support around $62k, which could hold if additional selling pressure eases.
Market sentiment: You're right, recent price drops might make some retail traders hesitant to re-enter.
Exchange & MM activity: Exchanges and Market Makers (MMs) may benefit from increased trading activity. However, their specific actions are difficult to predict.

Important to remember:

Short squeezes are not guaranteed: While some factors suggest a potential squeeze, it's not a certainty.

Shorting with the crowd can be risky: Many traders might be hoping for a bounce at $60k, so shorting now could be a crowded trade.

IMO, soon this dump will be over and we will see a good upside move this week. Let's see how the price reacts from here.

What are your thoughts on BTC's current price action? What are you watching in the altcoin market? Share your analysis in the comments below!