The market is now overly bearish, which means the price can go the other way

The funding rates are now flashing decidedly negative.

Check it out:

(Source: https://twitter.com/mskvsk/status/1440732376854765571/photo/1)

When everyone is positioned on the same side, like they are now, the price tends to go the other way.

We saw it when the funding rates were overwhelmingly positive and we will probably see it again here with everyone overwhelmingly negative.

Funny how that works.