Cross-exchange funding rates also remain neutral to positive, reinforcing the idea that the market still carries a bullish bias underneath the surface. Analysts believe the current price action looks more like a prolonged consolidation phase than the beginning of a major trend reversal, especially since liquidation levels remain relatively controlled compared to previous sharp corrections.

Still, macro uncertainty continues weighing on sentiment. Investors are closely watching upcoming US inflation data, particularly the Personal Consumption Expenditures report, while spot ETF outflows continue raising concerns about weakening institutional demand. The next major move for Bitcoin may depend on whether spot buyers return strongly enough to absorb the current wave of selling pressure.