TLDR Tech / Crypto
Bitcoin Breakout Odds Rise due to Negative Funding Streak
K33 Research notes the 30-day average perp funding rate has been negative for 46 consecutive days, matching the extended bearish positioning seen during the post-FTX crash in late 2022 and the mid-2021 China mining ban, which historically precede sharp upside reversals when shorts get overcrowded. BTC briefly topped $76K before pulling back below $74K, encountering the same resistance that's capped price for two months. K33 expects prolonged consolidation in the $60K–$75K range rather than an immediate breakout, but the derivatives regime is firmly in bottoming territory, and the setup favors patient longs.
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