BroadChain learned that on April 26 at 01:30, according to NewsBTC, Bitcoin entered consolidation after rising about 15% in April, but market sentiment did not warm accordingly. According to XWIN Research Japan data, the Bitcoin perpetual contract funding rate has dropped to -0.02, indicating that short sellers are dominant, and traders generally believe the recent gains are unsustainable. Meanwhile, Bitcoin open interest (OI) continues to climb, suggesting more funds are flowing into the derivatives market.
However, combined with the negative funding rate, the new positions are mainly from short bets, with market participants strongly expecting a price decline. Analysts point out that the current highly concentrated short positions could become a potential risk. Historical data shows that after extreme negative funding rates persist, it is often accompanied by a sharp price increase rather than a decline, creating conditions for a short squeeze.
As of press time, Bitcoin is reported at $77,574, down 0.54% in 24 hours, with trading volume shrinking 21.56% to $32.16 billion. The resistance level above is at $80,000, and if it falls below the support of $74,000, it may confirm a bearish trend.