Bitcoin’s daily funding rate has been deeply negative for days, reflecting heavy short positioning, but historical data also suggests that a squeeze on bears could be brewing.
Bitcoin (BTC) formed a new weekly low at $65,500 on Thursday, as the price has continued to trend lower over the past four days. Derivatives data also indicate that traders are heavily positioned to the downside.
Analysts said that this setup may lead to a sharp move higher that forces sellers to close their positions, even as other indicators hint that the move may not be straightforward.
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