Did you notice that even though Bitcoin is recovering, short positions are dominating the overall market? Looking at the funding rate data, the funding rates on major platforms have been consistently below the benchmark level. This indicates that the overall market is under bearish pressure.

Bitcoin is indeed rising, but based on the movement of the funding rate, traders' sentiment still seems cautious. An increase in short positions means there is selling pressure against the price rise. When the funding rate remains low, it tends to strengthen the downward pressure on the overall market.

In such situations, the funding rate acts like a mirror reflecting the true market sentiment. Monitoring not only the price increases but also the movement of the funding rate makes it easier to spot market turning points. For now, it looks like short-term selling pressure continues to be dominant.