Bitcoin price pulls back after $79K rally; derivatives show negative funding and rising OI
Bitcoin price retreated after reclaiming the $79K area, slipping from a 12-month high above $79,000 to trade around the high-$78,000s. The move followed profit-taking after a sharp derivatives-led rally.
Derivatives data point to more upside. The article cites more than $100 million in short liquidations (and over $90 million more) that helped drive the initial spike, largely framed as a short squeeze rather than fresh long-term demand. Despite the pullback, Bitcoin price remains above $78,000.
CoinGlass data highlighted that open interest climbed to about $60.95B while the weighted funding rate stayed negative. Historically, that combination (rising OI plus negative funding while price holds firm) often precedes additional short-squeeze pressure, as shorts are forced to unwind.
Key levels discussed: a retest toward $80,000 could extend the move toward resistance near $85,000. Conversely, failure to hold around $78,000 raises the risk of a slide toward local support near $77,000.
Catalyst mentioned: easing of investor concerns after U.S. President Donald Trump extended a ceasefire on April 21, which coincided with the surge and liquidations.
Disclosure: educational purposes only, not investment advice.
Bullish
看涨的主要原因在于：尽管比特币价格出现回撤，但衍生品结构仍偏向“下一轮短挤压”的形成。文章强调了两点关键指标——加权资金费率仍为负，且未平仓合约量持续上升。通常当价格企稳而资金费率为负时，市场上空头的回补动力更容易被点燃，尤其在此前已经触发过大量空头强平之后，短仓压力可能尚未完全释放。
从交易视角看：短期内，比特币价格在7.8万美元附近可能继续出现高波动，但如果能重新逼近8万美元，空头回补可能带来“顺势加速”，目标指向8.5万美元附近阻力。若价格跌破并无法守住约78,000美元，短挤压逻辑会被削弱，回撤到77,000美元附近支撑的概率上升。
与过去多次“短挤压—强平后回撤但指标仍未翻转”的行情相似，这类走势往往先经历一段情绪退潮（获利了结回撤），随后在衍生品供需结构未修复前再走出第二段上行。因此，整体对交易更偏利多，但仍需警惕关键支撑位失守带来的快速逆转。