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Bitcoin funding stays negative at $78K as short squeeze expectations grow
TL;DR
Bitcoin funding rates remain negative at $78K, fueling expectations for a short squeeze. Market analysts predict a potential rise to $85,000 in the coming weeks.
Key points
- Bitcoin funding rates remain negative as price increases
- Market analysts expect a short squeeze soon
- Short-term price target for Bitcoin is $85,000
- Bitcoin is approaching $77,000 this week
- Resistance at the 21-week trend line since October 2025
Bitcoin (BTC) sought to match ten-week highs on Tuesday as market participants bet on a new short squeeze.
Key points:
- Bitcoin is due a fresh short squeeze as funding rates uniquely stay negative as price grinds higher, say market pundits.
- Short-term targets include a trip to $85,000 in the coming weeks.
- Bitcoin bulls still need to clear the nearby 21-week trend line keeping price pinned since October 2025.
“Cannon is loaded” for Bitcoin short squeeze
Data from TradingView showed BTC/USD approaching $77,000 for the first time this weekly candle.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
A slight comedown into the Wall Street open meant that price continued to coil below a large area of resistance.
Mixed signals over the US-Iran war continued on the day, with Iran denying that its delegations had arrived in Pakistan for a new round of negotiations with the US. As Cointelegraph reported, markets offered only a muted reaction to the latest closure of the Strait of Hormuz oil route.
Among Bitcoin traders, a sense of cautious optimism was slowly growing.
“A period of consolidation, but clearly upwards pattern,” crypto trader Michaël van de Poppe wrote in an X post.
“This means that there's likely more upside to come for Bitcoin towards the $85,000 area.”
Van de Poppe gave a time frame of “two to three weeks” for that level to come into focus, reiterating earlier comments about Bitcoin’s correlation with the Nasdaq.
Q&A
What are the current Bitcoin funding rates and their implications?
Bitcoin funding rates are currently negative, which indicates a potential for a short squeeze as prices rise.
What price target do analysts predict for Bitcoin in the coming weeks?
Analysts are targeting a price of $85,000 for Bitcoin in the coming weeks.
What resistance does Bitcoin need to overcome to rise further?
Bitcoin needs to clear the nearby 21-week trend line that has been holding the price down since October 2025.
