Shorts concentrated near $63,000–$66,000 create a potential $2.6 billion squeeze risk if Bitcoin rallies toward $66,000.

"Michaël van de Poppe, a widely followed cryptocurrency analyst and trader, said that Bitcoin has started the week well, forecasting a 'very likely' breakout above $61,000. 'The bullish divergences are still applicable here, indicating that there's the upside ready to come,' Van De Poppe said."

"Analysts estimate that a rally back toward $66,000 could threaten as much as $2.6 billion of open short positions, potentially igniting a faster-than-expected buyer response."