Bitcoin’s funding rate just hit its highest level in 20 months, according to CryptoQuant. A positive rate means traders pay fees to maintain long positions, signaling bullish consensus. The last time this level was reached, in January 2025 with Bitcoin near $102,000, a local top followed shortly after. This time, retail traders pushed the long/short ratio to 2.22 versus 1.47 for whales, but the move is already unwinding. Bitcoin currently trades near $64,300 and the head and shoulders technical pattern suggests a bearish reversal with a target at $57,894 if support at $61,763 breaks.
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