Analysis: Bitcoin perpetual contract funding rates have been negative for 46 consecutive days, a rare signal suggesting a market bottom.

CoinFeed reported on April 15th that, according to CoinDesk, Bitcoin briefly broke through the key resistance level of $76,000 last night before falling back to around $74,000, failing to achieve a valid breakout and continuing its sideways consolidation that has lasted for more than two months. Vetle Lunde, Head of Research at K33 Research, stated that Binance's Bitcoin perpetual contract funding rate has been negative for 11 consecutive periods. Despite the recent price rebound, traders remain bearish, indicating that the market maintains a bearish positioning even during price increases. Meanwhile, open interest continues to rise, suggesting that new short positions are increasing rather than being closed out. Lunde also pointed out that the 30-day average funding rate has been negative for 46 consecutive days, a period of market pressure comparable to the period following the FTX crash at the end of 2022 and the mid-2021 ban on Bitcoin mining in China.