Bitcoin reclaimed the $70,000 level in early March and briefly touched $74,000-but market sentiment remains deeply pessimistic.
On-chain analyst Darkfost reports that recent rallies are being treated as shorting opportunities, not signs of recovery. For nearly a week, Binance has shown persistently negative funding rates, dipping below -0.006 on March 10 and 11-indicating dominant short positions.
Historically, such extreme bearish consensus can set the stage for a sharp short squeeze. If Bitcoin sustains its upward momentum, cascading short liquidations could fuel a rapid bullish move. Yet with geopolitical tensions and macroeconomic headwinds lingering, most traders remain cautious.
As of press time, Bitcoin trades at $70,852, down 1.09% in 24 hours.