I noticed that Bitcoin's funding rate has dropped to -6% in recent days, one of the lowest levels in three months. This happened after BTC tested the $63,000 mark during that geopolitical situation. With such negative rates, it basically means there are many traders shorting the market, paying to hold these positions. It's a sign that the sentiment is quite bearish.

What draws attention is that at the same time, the open contract volume has increased significantly, rising from 668,000 to 687,000 BTC. In other words, despite the decline, people are still entering the market. Over the past 24 hours, more than $500 million in liquidations occurred, with $420 million of that being long positions forcibly closed.

With these conditions, when many people are short and the price starts to rise, it triggers what is called a short squeeze, which is basically a cascade of forced buy-ins. Bitcoin is trying to retake the $64,000 level now, and if it succeeds, we might see this happen. It's interesting to watch how this unfolds.