$BTC - Over the last couple of days, I’ve been tracking some interesting developments on the Velo Data. While the price has been moving down, open interest has increased, which suggests that more perpetual positions have been added.

At the same time, funding rates have dipped into negative territory, signaling that bears are likely doubling down on their shorts.
From a positioning standpoint, I believe this is bullish.
If the price can manage to hold the support range I highlighted earlier, I think this setup could create the conditions for a reversal to the upside.