Gate News message, April 28 — Bitcoin short traders are increasing their bets on price declines despite recent gains, with funding rates for maintaining short positions rising to approximately 11%, and reaching as high as 19% according to CEX.IO data. This marks the highest level since early 2023.
Bitcoin is simultaneously experiencing one of the largest accumulation phases in its history, with strong buying pressure coinciding with elevated short positioning. The current price of Bitcoin stands at $77,000, down 1.6% at the time of reporting.
The combination of robust buying demand and surging short interest indicates increased market volatility, with historical precedents showing potential for short squeezes or reversals when such conditions align.
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