Bears are in control of Bitcoin for now, but their fresh $2.6 billion in short positioning could provide fuel for the next upward squeeze.

Many traders expect Bitcoin to stage a short-term relief bounce toward $70,000, but the overall picture still remains bleek for the BTC bulls in the short term.

Bears are in control of Bitcoin for now, but their fresh $2.6 billion in short positioning could provide fuel for the next upward squeeze.