Boss Mick McCarthy believes play-off-chasing sides such as Town are still battling for just one remaining place in the top six.
The Blues manager had been convinced that QPR, Derby and Nottingham Forest had sealed their places in the play-offs and that sixth spot was all that was still to be filled.
However, Forest, who drew 1-1 with Town at Portman Road last Saturday, have failed to win in their last nine league games and have dropped to seventh and are now only goal difference ahead of the Blues in eighth.
Meanwhile, Wigan played the games they had in hand following their Europa League campaign and have taken Forest’s place in what looks like a settled top five.
Reading are currently sixth, while Brighton, AFC Bournemouth, Town's Saturday opponents Blackburn and Watford are the other sides out to usurp them in 2013/14's final weeks.
"I said that we’d never catch Nottingham Forest and I still can’t believe that we have gained 10 points on them in the short time that we have,” McCarthy said.
"I still think there’s one slot to be played for, sixth. But the ones who are in the top six, it’s a bit gruelling for them.
"Alex Ferguson said it’s ‘squeaky bum time’ and that’s what it is because you don’t want to drop out of the top six.
"We’re just playing catch-up and all we can do is keep trying to win our games. If we win them all and they win them all we don’t get in the top six, so you just keep playing.
"But if you’re in the top six there’s a huge pressure not to drop out. The thought of missing out on the play-offs if you’ve been there all the time is a real stress.”
He says the pressure he’s under isn’t the same as it was a year ago when the Blues were battling at the other end of the table: "Considerably different. The thought of having a chance of getting in the play-offs and getting in the Premier League isn’t pressure for me.
"The thought of dropping out of the bottom end of this league was an awful pressure from November 1st. Thankfully we’ve avoided that and we’re now looking at the other end of the league. I’m not feeling stressed or under any pressure.”
Meanwhile, the Blues boss wouldn’t comment on Bolton manager Dougie Freedman revealing that Town made an approach for Chris Eagles last week: "I wouldn’t confirm or deny whether I did.”