Key Support and Pressure: Bearish Sentiment Still Unabated

Core Resistance and Support Levels

· Upper Resistance: $74,000 (repeatedly failed rebounds at this level recently, quickly falling back after touching on April 13) → $75,000 moving average zone (the intersection of the 100-day EMA and SMA) → $80,000 psychological threshold
· Lower Support: $71,000 area → $70,000 round-number level → $66,800-$67,000 (the correction lows at the end of March / early April)

Structural Contradictions Revealed by Funding Rates

This is the most noteworthy signal to watch right now. The funding rate for the anBTC perpetual contract has been negative for 11 consecutive days, and the 30-day average has also been negative for 46 straight days. Negative funding rates mean that short sellers pay fees to long buyers, reflecting crowded bearish sentiment; meanwhile, open interest continues to rise, indicating that new capital is flowing into short positions rather than shorts retreating.

Historically, this kind of structure appeared after the FTX collapse (2022) and China’s mining ban (2021). At that time, the market then saw phase-shift turning points. The current structure is similar to those historical pressure periods and carries asymmetric upside risk: if price continues to rise, forced liquidation of highly leveraged short positions could trigger a “the higher it rises, the more it liquidates” feedback loop.

The Fear and Greed Index has been at or below 12 for 46 consecutive days, the longest period of extreme fear since the major crash in 2022. Extreme fear often overlaps with market bottoms, but in the absence of stronger catalysts, bottom confirmation still takes time. #Gate广场四月发帖挑战