10X Research: Funding rates turn negative for the first time since mid-October 2023

10x Research released an analysis article stating that the critical moment is coming. Bitcoin rallied from $60,000 to $67,500 in four days, almost reaching our bottom line. However, Bitcoin's rally occurred over four one-hour time periods and appeared to be driven by a few larger orders rather than gradual buying over four days.
The real test is not our 68,300 "sandline" level, which symbolizes the previous high. After a retest, this previous bull market all-time high, while previously rejected, caused Bitcoin's parabolic movement in the last few cycles.
As cryptocurrency futures traders have turned cautious, the real test is whether the cash market can drive this rally higher. While funding rates have risen over the past few weeks, indicating that futures traders are willing to deploy excessive leverage, they have turned negative for the first time since mid-October 2023.