Many people are talking about a short squeeze coming but for now we couldn't even break 6600 in the recent bounce back, which isn't even a significant resistance. On the way down we broke it almost instantly, like it was never there, but now we've bounced back from it, which is a huge bearish indicator. If we go higher or trade sideways for long enough the short squeeze will have to come, but there's so much fear in the market that we could as well retest 5800.
As the ratio of Bitcoin shorts to longs hits a yearly high,
will a short squeeze move the Bitcoin price up dramatically?
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source https://www.reddit.com/r/btc/comments/a219fp/bitcoin_short_vs_long_ratio_at_2018_high_huge/
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