Bitcoin Trade Setup: Short Squeeze Pushes BTC Above $62,000Bitcoin / US DollarCOINBASE:BTCUSDProfessorSingapore📌 Bitcoin Trade Setup: Short Squeeze Pushes BTC Above $62,000 🎯 Trade Setup: Direction: Long 🔻 Entry: 61,500 - 61,950 🛑 Stop Loss: 60,500 🎯 Take Profit 1: 62,400 🎯 Take Profit 2: 63,500 📰 News: Bitcoin reached a new July high of approximately $62,137, marking its strongest level in two weeks and the crypto market’s first convincing weekly recovery since mid-June. The rally followed weaker-than-expected US employment data. The economy added only 57,000 jobs in June, compared with forecasts of 114,000, reducing expectations of further Federal Reserve rate increases. A softer monetary-policy outlook weakened the US dollar and improved demand for risk assets. The move was amplified by a major short squeeze. Approximately $440 million in leveraged crypto positions was liquidated over 24 hours, including $281 million in shorts. As bearish traders were forced to buy back their positions, the resulting demand accelerated the rally. Market sentiment also improved after Fed Chair Kevin Warsh said inflation risks had eased. Meanwhile, Asian technology stocks rebounded following two sessions of heavy selling: South Korea’s Kospi gained around 3%, while Samsung Electronics surged 6.8%. This reduced concerns about capital continuing to rotate from crypto into AI-related equities. Despite the stronger momentum, the move remains partly driven by forced short covering rather than confirmed spot demand. Bitcoin must hold the $60,000–$61,000 support zone and establish itself above $62,000 to confirm a more sustainable bullish reversal. ⚠️ Not financial advice.