BTBT Short Squeeze? Will Bullish Trend Hold? BTBT and most BTC miners have been under a lot of pressure the last few days and it has investors a little upset. BTBT currently testing the support of its upward trendline, which has guided its bullish momentum. The stock is at $4.10 , a weekly low as of now, with the high for the past week reaching $5.76 . A bounce off this trendline could signal a continuation of the bullish trend, while a break below may signal a shift in momentum. Keep an eye on this key level for potential opportunities.
So why is BTBT lagging behind it's peers?
6 mo returns on miners:
BTBT - 17.14%
MARA - 49.5%
RIOT - 23.36%
WULF - 76%
Short interest in BTBT has increased drastically over the last month with approximately 28.5 million shares short in total which is over 20% of the float! BTBT has become the favorite miner for short sellers. With a short float like this, a squeeze may be on the horizon. If it happens we can expect price to fly up to around $6 or more! Might be a matter of time before this hits the scanners of short squeeze traders like WSB. What do you think, will BTBT get a squeeze before the curtains close? A significant spike in Bitcoin could be the catalyst.
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