Bitcoin tumbles to new multi-year low of $58,000, but a short-squeeze setup emerges

60-second summary

Bitcoin's price plummets to a new multi-year low of $58,000, sparking concerns among investors. However, derivatives markets indicate that traders are increasingly betting on further price declines, a trend that's becoming overcrowded and potentially setting the stage for a short-squeeze, which could lead to a rapid price reversal and a boost in the market.