The overall trend remains bearish, but the funding rate is too negative, so the decline won't be so smooth!

First of all, I firmly believe there will be another big drop, and it’s been recent, but the funding rate has remained high throughout, which will affect the changes in the smaller intermediate structures. Based on past experience, we find that as long as the price breaks through the parallel top and then falls back, it’s basically a false breakout, and there are usually big drops afterward. However, those drops were based on the funding rate being balanced or turning positive. This time, the reason it’s not dropping smoothly like before is because there are too many short sellers in the middle; everyone is replicating the recent drop from 98,000, shorting here. The trend needs to go down, but the shorts are preventing it, making the market very frustrating. This makes the structural changes in the market very unpredictable. But the good news is that in the past two days, the daily closing prices have all closed below 76,000. This situation is relatively good for a decline. Next, we’ll see if the funding rate can cooperate. If it does, the decline we want will come quickly. If not, it will just grind on.
So, what will happen next? First, we need to pay attention to changes in the funding rate. BTC is already at the point where it should decline. If the negative rate remains high, there might still be a shakeout. If a shakeout occurs, it’s possible that the stop-loss hunts at 77,000 and the new highs will be targeted, and after the hunt, the price could drop again. We can’t rule out this possibility.
Additionally, today’s sideways decline is slowly grinding down over time. Once the bears can’t hold on, the bulls will step in, and as the funding rate begins to balance, the decline might accelerate.
Remember, all declines must involve a structural change; only then is it a true decline. That means breaking below 73,200 and creating a lower low. Until a lower low is made, everything remains uncertain. $BTC