10x Research published an analysis article pointing out that the critical moment is coming. The price of Bitcoin rebounded from $60,000 to $67,500 in four days, almost reaching the bottom line we set. However, this rebound occurred in four 1-hour time periods and seemed to be driven by several larger orders, rather than gradual buying in four days.
The real test is not the $68,300 "bottom line" level we set, which symbolizes the previous high. After retesting, when retesting this previous bull market high, although it was rejected before, this led to a parabolic rise in Bitcoin in the past cycle.
As cryptocurrency futures traders have turned cautious, the real test is whether the spot market can drive this round of rebound higher. Although the funding rate has risen in the past few weeks, indicating that futures traders are willing to deploy excessive leverage, the funding rate has turned negative for the first time since mid-October 2023.