Bitcoin Shorts Approach All Time Highs

Bitcoin shorts are nearing all time highs. If the bulls show up with volume we could see a short squeeze like we did in April to reverse the daily downtrend. We are also seeing some signs of accumulation at these levels which can be a bullish signal as the RSI seems to be turning back to the upside. It will be up to the bulls to prove themselves here as the bears have had there way since the high of $8488. The next support level to hold for the bulls on the weekly chart is down at $5777.