Bitcoin's funding rates just flipped negative on Binance, which tells us shorts are crowded and fear is rising.
A short-term relief bounce wouldn’t surprise me, but the broader BTC trend is still bearish.

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Author | Jeff Park (Chief Information Officer, Bitwise)
Compiled by Odaily Odaily(@OdailyChina)
Translator | Dingdang (@XiaMiPP)
Editor's Note: On February 5th, the cryptocurrency market experienced another sharp drop, with over $2.6 billion liquidated in 24 hours. Bitcoin briefly plummeted to $60,000, but the market seems to lack a clear consensus on the causes of this decline. Jeff Park, CIO of Bitwise, offers a new analytical framework from the perspective of options and hedging mechanisms. [...]

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Possible but my guess would be that we get rejected lower than $98K.
Bitcoin tends to get rejected at the Short-Term Hodler Cost Basis on the way down in bears.
That level is currently $94.6K and declining by the minute.

It's been a weird cycle, maybe this doesn't hold true again but no reason for us to think otherwise at this point