Bitcoin's 30-day average funding rate has remained negative for 46 consecutive days, mirroring the duration seen during the 2022 bear market bottom, according to K33. This trend, coupled with rising open interest and upward price movement, is increasing pressure on short positions, potentially leading to a short squeeze and price breakout. K33's research director, Vetle Lunde, noted that the current combination of negative funding rates, rising open interest, and price increases typically occurs at consolidation bottoms, suggesting Bitcoin may break out of its 68-day consolidation range and reach higher levels.