Bitcoin's 30-day funding rate has remained negative for 46 consecutive days, according to K33, equaling the duration seen during the 2022 bear market low. This marks one of the longest periods of negative funding rates, with only two longer instances recorded in 2020 and 2021. K33 Research Director Vetle Lunde highlighted that the current negative funding rate, coupled with rising open interest and prices, suggests aggressive short sentiment. This scenario increases the probability of a short squeeze, potentially allowing Bitcoin to break out of its 68-day consolidation range. Bitcoin has rebounded 23% from its February 6 low of approximately $60,000, though it remains 41% below its all-time high of $126,000 in October 2025.