Bitcoin is currently testing new support levels, with market conditions suggesting a potential short squeeze. Analyst Cas Abbe highlighted that a 10% rise in Bitcoin's price could trigger the liquidation of $15.11 billion in short positions. Conversely, a 10% decline could result in $9.58 billion in long positions being liquidated. The negative funding rate indicates a surge in short positions over the weekend, setting the stage for significant price fluctuations. Analysts suggest that these movements could push Bitcoin's price to between $109,000 and $110,000.