Binance funding rates turn negative as traders short Bitcoin above $70K

Binance funding flips negative while Bitcoin rallies. Shorts pile up above $70k.

Bitcoin BTC reclaimed $70,000 on Tuesday, March 10. It touched about $74,000 on Friday.

An on-chain analyst sees disbelief. Darkfost reports rising short bias on Binance despite the bounce. Every March rebound drew shorts, not dip buys, per an X post.

Funding turned negative for nearly a week. The Binance funding metric printed under -0.006 on March 10 and 11. That implies shorts dominate open interest, Darkfost says here.

Macro adds pressure. The analyst cites an unfavorable backdrop and tensions in global oil trade in the post.

Crowded shorts can backfire. Extreme funding often precedes squeezes. If upside holds, a short squeeze could fuel further gains, Darkfost notes here.

Key levels and signals:
- Reclaimed $70,000 on March 10
- Peak near $74,000 on Friday
- Binance funding below -0.006 on Mar 10–11 source

As of press time, Bitcoin trades at $70,852. Down 1.09% in 24 hours.