8.5 billion usd in shorts is

8.5 billion usd in demand

short squeeze is launching for another impulse wave up dont get caught lacking

price is above the 200 ema in various charts showing increasing bullish momentoum

we have already saw 2 attempts to breakthrough these 100 usd levels another attempt is likely.

Comment:

Today at premarket we've opened and saw a big DUMPO of 6.3%
so what is happening?
we are currently dumping and moving forward to the support of the triangle that has been formed for a while now (target of triangle is 126 but i recommend closing much further than that)

we have 3 key levels below of us
22 usd which is the golden pocket ratio (fib retracement) from the 81 usd impulse
20 usd wave which is a slight below retracement (makes sense on volatile markets)
19.00 usd which is the critical price we have to retrace from (below triangle levels we have to retrace it back to the triangle).
a dip below these levels will invalidate the triangle and the idea, surely the short squeeze will occur in one way or another way but not in that way and not neceserily to that price.

What can also happen?
we can halt prices at 23 usd to 22.8 usd and then we form a very asymetrical triple bottom from the failed breakout of the double bottom we fallen from.
another upside to this is that it creates a higher low, said higher low is a good indicator to the upside.

imagine or not, but these are actually the bullish scenerios!
in the bearish scenerio the triangle breaks down and we have a lot of liquidity below us, we will go down until we find support theoretical supports for the bearish sides are
18.50 usd
13 usd
9 usd

Comment:

we are not out of danger but we did indeed found support at 2.55 which is actually really bullish. (slightly above last support)

besides sellers, short positions have been opened and some have remained open.. a move up will trap them and can set off the reaction