Bitcoin (BTC) is on the verge of reaching $77,000, with traders eyeing a potential short squeeze that could drive prices up to $85,000 in the coming weeks. Despite negative funding rates, which typically indicate bearish sentiment, market analysts suggest that this scenario could lead to a significant price increase. Crypto trader Michaël van de Poppe highlighted a pattern of consolidation that indicates potential upward movement. The current price action is also influenced by geopolitical factors, including mixed signals regarding the US-Iran conflict, which have led to a muted market response. Traders are closely monitoring resistance levels, particularly the 21-week trend line, as Bitcoin navigates through a critical phase. As the market remains heavily short, analysts believe that a short squeeze could be imminent if bullish momentum continues.