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$BTC Currently $BTC can’t drop because there are too many short sellers.
The contract funding rate is deeply negative, and the market is crowded with bears.
A large number of retail traders are rushing to short—this is a typical sign that a short squeeze is approaching.
On the weekly chart, the overall structure is a bearish wedge in a corrective phase.
The earlier surge and big bullish candle were caused by large funds buying in.
In the early morning, it pulled back to retest the parallel high, broke below it, and then quickly reclaimed it.
Below, there is still major capital at 76.9k that has the strength to provide support / take over and absorb the sell pressure.
It must wait for a large bearish candle to engulf back, breaking the prior trendline.
And only when the funding rate turns positive will the price decline smoothly.