Bitcoin funding rates are starting to shift.
That's what stands out to me.
We've spent the entire weekend grinding higher on thin liquidity, but traders are no longer chasing the move the way they were a few days ago.
Earlier today, only a handful of exchanges were showing negative funding.
Now a much larger portion of the market has flipped negative, which tells me traders are getting increasingly comfortable shorting this range.
The interesting part is that price hasn't really moved lower yet.
Bitcoin is still sitting around $64.2k while positioning becomes more crowded on the short side.
That doesn't automatically mean we go higher.
But if too many traders lean into the same trade too quickly, the market usually finds a way to punish them first.
I still think $64.4k is the key level.
If shorts continue to build up here, a quick squeeze toward $65k wouldn't surprise me before the market decides on its next real move.
