Despite Bitcoin trading over $110,000 and inching closer to its all-time high, traders are exhibiting a bearish sentiment. The long/short ratio has substantially fallen, indicating that more traders are positioning for a decline in Bitcoin's price. The increase in short open interest from $32 billion to $35 billion reflects a significant shift towards bearish positions, suggesting a lack of confidence in Bitcoin sustaining its upward momentum. The cryptocurrency is currently range-bound between $100,000 and $110,000, with technical indicators like the Relative Strength Index (RSI) showing bearish divergence. As Bitcoin approaches the $110,000 mark, several traders are adopting short-term strategies, capitalizing on resistance by shorting at highs and potentially reversing near support levels. However, if Bitcoin crosses above its previous record high, a short squeeze could occur, which might generate substantial buying pressure and propel prices further upward.

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