Bitcoin tumbles to new multi-year low of $58,000, but a short-squeeze setup emerges (opens original article in a new tab)

Bitcoin dropped to $58,000, its lowest level since 2024, with derivatives data indicating potential for a short-squeeze due to crowded short positions and strong buy orders below current prices.

• Bitcoin price fell 5% to $58,000, its lowest since 2024
• Derivatives data shows crowded short positioning and stronger buy orders below current price
• Open interest increased 0.28% as traders bet on breaking $58,000 support level
• Spot market depth shows more buy orders between $50,000 and current price than sell orders above $70,000