Bitcoin Futures Market Power Dips 93K Indicating Bearish Shift

Bitcoin’s Futures Market Power has dipped into negative territory, hovering around -93K, indicating a moderate bearish shift. This suggests that investors are more cautious about Bitcoin’s ability to retest its all-time high, but it does not necessarily signal a significant threat to the overall uptrend.

Historically, similar drawdowns in the 50K–150K range have triggered minor 5–10% corrections. If history repeats itself, Bitcoin could retrace toward $93K–$98K. However, aggressive selling has not yet shown up, suggesting that this shift may be more of a hesitation than a collapse.

Despite the bearish signals in the Futures market, other market fundamentals tell a different story. Bitcoin’s Futures Basis remained positive across all major exchanges, reflecting a bullish bias. This shows that traders are willing to pay a premium to go long, indicating continued upside expectation.

The bullishness was further evidenced by Bitcoin’s Funding Rate, which has held positive since dipping into negative territory 10 days ago. When the Funding Rate is positive, accompanied by Futures basis, it suggests that investors are overly bullish and anticipate prices to rise even further.

Additionally, Bitcoin’s Open Interest hovered near the $33B mark across the past week, indicating that traders aren’t aggressively opening new positions — neither bullish nor bearish. Had Open Interest spiked during the dip, it would have hinted at fresh shorts building. But that didn’t happen.

In conclusion, this bearish flicker in Futures Market Power doesn’t seem to have the weight to derail Bitcoin just yet. If a correction unfolds, historical support near $102,850 may act as a cushion. On the flip side, if macro and derivative metrics hold steady, Bitcoin could continue consolidating between $104K–$107K—remaining perched near its highs. In short, bears may have shown up… but they haven’t taken over.