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The cryptocurrency market shifted from bearish to bullish as the week ended, following nonfarm payroll data reported on May 3. After days of continuous short-selling pressure, some cryptocurrencies display skyrocketing potential within the possibility of a short squeeze. Notably, TradingView ‘s total crypto market cap index surged by over $277 billion month-to-date from a local bottom on May 1. On May 4, the index reached a $2.318 trillion capitalization local high, up over 13% in three days. Total Crypto Market Cap Index, daily chart. Source: TradingView However, previous fear, uncertainty, and doubt (FUD) led crypto currency traders to massively short Bitcoin (BTC) and other cryptocurrencies . Thus, this increases the likelihood of short- squeeze events for BTC and targets higher prices, as reported by Finbold on May 3. Picks for you Here's why you should closely watch these 2 cryptocurrencies 1 hour ago Legendary trader predicts Bitcoin price will 'pu...

Most cryptocurrencies have recently experienced a short squeeze following a bullish sentiment shift in the cryptocurrency market. Previously, Finbold correctly identified and reported some of these opportunities with projects like Bitcoin (BTC) and Curve (CRV). A short squeeze happens when bearish crypto currency traders dominate the market, opening short positions and creating upwards high liquidity. The price soars as these positions are liquidated, triggering more liquidations in an upward cascade. Notably, not many digital assets are left with potential liquidity to go through a short squeeze this week. In this context, we identified Filecoin (FIL) as the most relevant laggard with meaningful liquidations to the upside. Moreover, Dogecoin (DOGE) features as the most likely short-squeezable cryptocurrency in a higher time frame. However, it is important to understand that the higher the time frame, the easier this scenario can change over time. Short squeeze alert for Filecoin...

Crypto derivatives volume surged, leaving some unbalances behind, which could trigger liquidation events. On that, some crypto currencies have seen increased short positions that, if liquidated, would cause a short squeeze . In the meantime, the cryptocurrency market’s total capitalization has reached a 10-day high of $1.614 trillion, up 1.5% on the day. If the crypto total market cap breaks this month’s highs, high-shorted coins will likely experience short squeezes. CRYPTOCAP: Total market cap (4h chart). Source: TradingView Finbold then retrieved open interest data in the last 12 and 24 hours from CoinGlass’s long/short ratio dashboard. In particular, we spotted Dogecoin (DOGE) and dYdX (DYDX) as two crypto currencies with increased short over the long positions. Short squeeze alert for Dogecoin (DOGE) As for DOGE, the leading memecoin is trading at $0.0926 by press time, up 2.2% in the last 24 hours. Notably, Dogecoin has $514.56 million in the 24-hour opened short positions...