Bitcoin's breach of the crucial $59K support level led to the liquidation of approximately $120 million in BTCUSDT perpetual futures longs yesterday. Despite the significant sum, it falls short of previous liquidations at the same support level, indicating a lack of 'capitulation' in the futures market.

The Funding Ratio indicator has sporadically displayed negative funding ratios on an hourly basis. However, these values are not sufficiently dramatic to suggest extensive shorting.

Historically, a market bottom is often accompanied by substantial futures market liquidation and a surge in short positions. Given the relatively minor long position liquidation and the absence of significant negative funding ratios, it appears that a 'capitulation' has not yet transpired in the futures market, suggesting potential further downside.

Despite this, there's no need for excessive pessimism. On-chain cycle metrics like MVRV suggest there's still upside in the cycle. In conclusion, a futures market capitulation signal could present an opportune moment to purchase Bitcoin at a bargain.