Bitcoin Consolidation Continues Amid Uncertain Outlook

Bitcoin's price has been stuck in a range-bound pattern for weeks, with the largest cryptocurrency trading at around $69,815 as of publication. The market is closely watching this psychological threshold, with many analysts believing that a sustained move above $70,000 could shift sentiment decisively.

The aggregated funding rate data across major crypto exchanges shows an extreme surge in short positioning, with current negative funding levels being the deepest since August 2024. This period ultimately marked a significant Bitcoin bottom, and some analysts believe that a similar scenario could play out again.