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Look at what's happening with Bitcoin right now... Funding rates have dropped to the most negative level since 2023. It's really extreme — we're talking about -0.004% to -0.005% on the 7-day average. Basically everyone is betting on a decline.
But here's where it gets interesting: whenever this happens, it historically marks a market bottom. Remember March 2020? Mid-2021? And that FTX chaos at the end of 2022? Yeah, the sentiment was exactly the same back then. It's not confirmed yet, but things are getting pretty extreme again.
Meanwhile, Bitcoin reserves on exchanges are dropping significantly. It started the year above 3 million coins, now it's around 2.68 million. Fewer Bitcoin available for sale in the market = less supply. If buying pressure returns strongly while these Bitcoin coins remain scarce like this, it can turn around quickly, especially with so many shorts open.
The price is at $77.62K now, recovered from that drop to $66K-$68K. RSI is comfortably above 56, and MACD is quite positive. Technically, everything is pointing upward. If this short squeeze begins, it could surge a lot. The only thing missing now is the trigger.