Bitcoin rebounds above $70,000 and liquidates over $100M in shorts

Bitcoin funding flips negative. Shorts dominate across exchanges.

Santiment reports a clear short bias in aggregated funding rates for Bitcoin across major venues. Their X post shows a sharp drop below zero, signaling elevated demand for shorts source.

“Traders are showing clear concern over fear of an escalating war, as well as expressing frustration toward the lack of progress on the Clarity Act,” Santiment wrote source.

Historically, heavy shorting has increased the odds of price bounces via short liquidations when resistance breaks, according to Santiment’s note source.

BTC reclaimed $70,000 over the past day. CoinGlass shows more than $100 million in short liquidations following the move source.