The price of Bitcoin (BTC) rose slightly above $9,900 on BitMEX, rising by nearly 9% within less than 48 hours since May 16. Despite the impressive recovery, the top ranked digital asset on CoinMarketCap faces a risk of a major long squeeze in the near-term.
Three factors that suggest the price of Bitcoin may correct following its recent rally from $9,100 to $9,900 are the: overwhelmingly large number of longs over shorts, rising funding, and a possible triple lower high formation.