Bitcoin Futures Market Begins to Turn Bearish
According to analyst Axel Adler, the strength of the Bitcoin Futures market has turned bearish, dropping to negative levels. At the time of writing, it is hovering around -93K, indicating a moderate bias towards net short positions.
Source: CryptoQuant
In this context, the downward shift in the mean reflects investors' confidence in Bitcoin's ability to surpass its current ATH in the near term, rather than a real threat to the overall market uptrend.
So, while bearish positions are rising in the Futures market, bullish sentiment still prevails. Compared to historical peaks like -150K in January or -450K in early 2025, this drop is much smaller. In previous cycles, drops in the 50K–150K range triggered minor corrections of 5 to 10%.
If this trend continues, Bitcoin could pull back to $93K–$98K. However, there are no signs of a major sell-off, suggesting that this move may be more of a hesitation than a full-blown sell-off.
The market is still in an uptrend.
Although Bitcoin Futures Market Strength has turned bearish, other fundamental indicators still support a positive outlook. First of all, Bitcoin Futures Basis remains positive across all major exchanges, reflecting that buying sentiment remains dominant.
Source: Coinalyze
This shows that traders are willing to pay a premium to maintain long positions, a clear sign of bullish market expectations. Additionally, Bitcoin’s Funding Rate has remained positive since it reversed from negative 10 days ago, reinforcing the bullish sentiment.
Source: CryptoQuant
Bitcoin’s Open Interest market has recently remained around $33 billion, showing that traders are still cautious about opening new positions, whether bullish or bearish.
Source: CryptoQuant
This shows that, during the recent price decline, investors have not established large-scale short positions, contributing to the trend still having potential to recover.
Final Comments
Overall, the temporary negative turn in Bitcoin Futures Market Strength is not enough to disrupt BTC’s bullish momentum in the short term. If a correction occurs, historical support around $102,850 could act as a buffer.
If macro indicators and technical factors remain stable, Bitcoin will likely continue to trade in the $104K–$107K range, remaining close to its all-time high.
In short, although the selling side has appeared, it is not strong enough to completely dominate the market.
Source: https://tintucbitcoin.com/bitcoin-du-doan-93-107k-usd/
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