The cynic in me thinks there's gonna be enough of a pump to liquidate a bunch of shorts before the inevitable dump occurs.
Taking a look on a macro level, the 3D chart.
You can see the last time we were in the 30-40k range, the volumes were much much higher. At this point BTC was already overbought, but at least the volumes were there to continue pushing price upwards.
A look even further back to the liquidation crisis of 2020 you can see the volumes after the crash that then sprung the bull run.
Now the volumes are gone. Most of the volume is happening around 36k and that's mostly by traders. There's really no buying to support a sustained move upwards.
As another user (Epic_economist) pointed out, just look at the MFI. You can see there is no money coming into Bitcoin at the moment. It all started leaving the last time we hit 42k.
If you take a linear regression since the ATH you can see we're moving downwards in a broadening wedge. We're nearing the top of the formation now, so expect lots of selling pressure to come followed by the inevitable dump.
Bitcoin is being held up like a house of cards right now. Don't find yourself sitting on top of it when it comes tumbling down.
