Bitcoin (BTC/USD) has been consolidating above $6000 and recently got into a range between $6200 and $6600. I noted that bitcoin's price bottom attempt looked weak. ut, instead of continuing the July-August downtrend, it broke above $6600. The bullish breakout was brief and the market soon faded this rally, sending price back into the consolidation area. If price does not stay above $6400, we should consider that bullish breakout a false breakout. This type of price action would confirm the weakness of the price bottom attempt. BTC/USD 4H Chart(click to enlarge)As we can see, the break above $6600 completed a price bottom.However, price is retreating just as fast, and threatening to break below the $6400 area, which would be a support pivot IF the market is indeed bullish.Instead, a break below $6400 would put pressure back towards $6200, $6000. Short-Squeeze? So what happened here? To me, it is just noise ahead of SEC's decision of ProShare's Bitcoin ETF. I think the market is expecting a a rejection, but wants to keep hope alive. That's what this price action is telling me.There is also the fact that shorts on bitcoin was near all-time-high, setting it up for a short-squeeze.Bets Against Bitcoin's Price Are Nearing Record Highs (Coindesk)Because this rally occurred during Bitmex's maintenance downtime, there are opinions that there was a "forced short-squeeze" during this time, when bitmex trader's (who are the shorts), were not able to trade. Crypto Markets See Green Amid Talk of 'Forced Short Squeeze' on BitMEX (Cointelegraph)At the end of the day, the market is jumpy ahead of another SEC announcement, which will likely end up disappointing speculators. With the short-squeeze out of the way, Bitcoin has even more likelihood of falling below $6000 after the 8/23 SEC decision. SEC Faces Thursday Deadline for ProShares Bitcoin ETF Decision (Coindesk)Of course, a surprise positive decision would likely send Bitcoin surging above $7000 and likely towards $8000 by next week. From CoinPowR