Nine consecutive days of negative funding rates essentially reflect that market sentiment remains bearish and short positions are overly crowded. The rally in the afternoon directly pushed the funding rate back into positive territory, which is a typical short squeeze and sentiment recovery pattern.

In terms of rhythm, the original expectation was for a rebound to build a secondary high structure, but the market chose a stronger path, directly forming a double top pattern. Under this unexpected volatility, proactively raising stop-loss levels is a reasonable risk management response, not a trading mistake.

On a larger cycle, the weekly golden cross still supports the target logic around 85,000, but the market is unlikely to move there in one step. The more realistic current path is to oscillate around 70k, shake out weak hands, and complete chip exchanges before choosing a direction. The probability of directly hitting high targets within April remains low, and this judgment remains unchanged.

News is only an auxiliary variable; in the short term, it can disturb market sentiment, but the core factors determining the price trend are always the market structure and chip distribution, not the news itself.

The key current point is that short positions are extremely crowded:
A large number of short positions are accumulated in the 71k–74k range, combined with a large number of trapped short positions below 70k that have not yet exited, forming a typical dense trapped position structure.
Under such a structure, the market is very prone to extreme moves, often oscillating widely to complete chip exchanges, with a high likelihood of continuing a back-and-forth pattern of sweeping and a double kill of longs and shorts in the short term. $BTC