According to Mars Capital's report, a new study by K33 has revealed an interesting pattern. The 30-day average funding rate for Bitcoin has been continuously negative for 46 days, similar to the bottom time in 2022. Previously, such a prolonged period of negative funding was observed only twice — from March to May 2020 for 63 days and from June to August 2021 for 49 days.

K33's research lead, Watle Lund, says that this negative funding rate, combined with a surge in open interest and price fluctuations, is creating a strange situation. Traders with short positions are appearing very nervous, increasing the chances of a short squeeze. This means Bitcoin could break out of this 68-day consolidation zone in the coming days.

Currently, Bitcoin's price is around $77.79k, significantly above recent lows. However, compared to last year's all-time high of $126k, there is still about 38% room to grow. Considering this market psychology, some upward movement could be expected in the next few weeks.