BeInCrypto reported that as Bitcoin's price continues to trade sideways around $77,500, leveraged long positions are accumulating in the futures market. According to Coinglass, the long/short position ratio in the Bitcoin futures market recently recorded more than 3 to 1, meaning the size of long positions is more than three times larger than short positions. In this regard, BeInCrypto analyzed, "While the long/short position imbalance suggests a strong bullish bias among traders at prices around $77,500, there is also a risk that the decline could be exacerbated by a long squeeze in the event of a sharp drop. The accumulation of one-sided positions could also serve as a catalyst for a short-term trend reversal. In fact, according to Coinglass's Bitcoin futures liquidation map, $71 million worth of long position liquidation volume has accumulated below $77,300 since early April. The support level of $77,000 for Bitcoin spot could be a gauge for future market movements."
