Bitcoin (BTC) futures volume recently surged to $82.84 billion, following a new all-time high in BTC price, indicating heightened activity in the Bitcoin derivatives market. Despite this jump, traders remain skeptical, as the long/short ratio from Coinglass shows a significant tilt towards short positions.
With a long/short ratio at 0.58, short positions now account for 63.48% of the market, reflecting a bearish sentiment among investors expecting a short-term correction. The Bollinger Bands and Relative Strength Index further suggest BTC may be overbought, hinting at a potential price drop below $100,000 to as low as $91,240.
However, if buying pressure significantly increases, Bitcoin might climb up to $116,000. Current market dynamics show contrasting opinions on BTC's future trajectory, hinging on underlying market conditions and investor sentiment.
