Some aren't believing in the staying power of the recent Bitcoin rally...

Bitcoin has bounced nicely from the $29k lows to the almost $35k.

Much of that was due to short covering by leveraged shorts on Bitfinex.

Well, now it appears that retail is using this bounce as an opportunity to get short...

Bitmex is seeing a steady increase in shorts as the price drifts higher:

(Source: https://twitter.com/ByzGeneral/status/1419279824464527367/photo/1)

This is actually good news for bulls.

We need a heavy dose of short sellers to squeeze in order to provide the fuel for a big move up.

Based on the data we are seeing on Bitmex, the fuel is certainly there.

Now we just need that catalyst to get them running for the hills.

The Amazon news might be just that catalyst...