Bitcoin’s negative funding rates suggest that short positions are more dominant than long positions, and this trend usually signals an impending bullish reversal. As Bitcoin moves within a downward channel marked by high support and resistance levels, traders are eyeing the $54,000 to $55,000 range for accumulation.$BTC

According to the latest analysis by crypto researcher Doctor Profit, the current market situation supports a more positive structure. Bitcoin has experienced particularly significant changes; funding rates fell to their lowest level since October 2023 and around $68,000, around $9 billion worth of short positions were liquidated. Given that market makers can benefit from liquidity from short positions, these negative funding rates are considered a sign of an uptrend.

Bitcoin’s price action remains confined within a downtrend channel defined by two major trend lines that act as both resistance and support. Regular testing of these levels shows how critical they are in determining the direction of future price action. Traders are keen to evaluate potential entry points near the channel’s lower support level, while also monitoring potential breaks from the upper resistance level.

Doctor Profit identified the “manipulation zone” around $54,000 as a region where strong price swings are likely to occur. While the bearish channel is a negative outlook, a break above this pattern could signal a market turn and present a major buying opportunity for traders.

Specifically in the $54,000 to $55,000 range, the strategy focuses on accumulating Bitcoin during price declines. This approach is consistent with the current chart structure; a break above the downward channel could trigger the next major price rally. Traders are planning to capitalize on this potential reversal, anticipating that a squeeze on short positions will further fuel Bitcoin’s upward momentum.

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I EXPLAIN IN DETAILED.

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