Funding turns negative as shorts dominate Bitcoin; price drops to $70,400

Funding turns negative on BTC perps. Shorts dominate as price slips to $70,400.

• Glassnode’s Chris Beamish reports the 3D MA Funding Rate turned negative on Bitcoin perpetuals, signaling net short positioning source.
• Negative Funding Rate means shorts pay longs. Bearish positioning is in control.
• Shorts stayed dominant even during the push above $75,000 source.
• The crowded side is prone to mass liquidations. If momentum flips, shorts face squeeze risk.
• Glassnode notes a URPD supply gap between $72,000 and $82,000, implying limited on-chain resistance up to ~$82,000 report explainer.

Earlier, funding stayed positive while price weakened. Traders were betting on a bullish reversal. That has flipped.

The URPD shows a chasm near recent prices. Few coins last moved between $72,000 and $82,000. BTC still failed on a recent attempt to clear that band.

Price update: Bitcoin trades near $70,400 after the latest pullback.