Bitcoin stays pinned below $70K as negative funding rate flashes warning sign

💡 DMK Insight

Bitcoin’s struggle to break the $70,000 mark is more than just a number—it’s a reflection of broader market sentiment. The negative funding rate indicates that short positions are favored, suggesting traders are betting against BTC’s immediate upside. This sentiment is compounded by a cooling tech sector in the US, which often correlates with crypto performance. If tech stocks continue to falter, we could see further pressure on Bitcoin, especially if it fails to reclaim key support levels. Watch for the $65,000 level; a drop below that could trigger a wave of selling as traders reassess their positions. On the flip side, if Bitcoin can stabilize and show resilience around current levels, it might attract buyers looking for a bargain, especially as we approach the end of the month. Keep an eye on the funding rates and tech sector performance for clues on Bitcoin’s next move.