Yesterday, BTC already closed a bullish candle that knocked out all the short positions at 70,500, 70,800, 71,200, 71,500, and 71,700. Moving higher, there are no more stop losses and shorts to hit. Looking at the funding rate, we can see it has already turned significantly positive. It's now obvious that there are more longs than shorts. Why are longs increasing? Because this morning's bullish candle wiped out most of the short positions—there are almost no shorts left. As more people chase longs going higher, the funding rate has turned positive.
Yesterday, BTC already closed a bullish candle that knocked out all the short positions at 70,500, 70,800, 71,200, 71,500, and 71,700. Moving higher, there are no more stop losses and shorts to hit. Looking at the funding rate, we can see it has already turned significantly positive. It's now obvious that there are more longs than shorts. Why are longs increasing? Because this morning's bullish candle wiped out most of the short positions—there are almost no shorts left. As more people chase longs going higher, the funding rate has turned positive.