The $60,000 low for Bitcoin is showing signs of weakeningBitcoin / US DollarCOINBASE:BTCUSDVili_Wealth_PlanBitcoin's drop to around $60,000 in February may have been the deepest pullback in this cycle. A key factor supporting this assessment at the time was the unusually low funding rates in the perpetual futures market, indicating heavy short positions and creating conditions for a subsequent short squeeze 📉➡️🚀. This structure subsequently propelled Bitcoin to around $83,000, but the rally ultimately stalled near the 200-day moving average. Analysis shows that current signals in the derivatives market are significantly different from before 🔄. Derivatives Positions Show Warning Signs ⚠️ Reports show that CME Bitcoin futures open interest has fallen to its lowest level since October 2023, reflecting institutional traders reducing their exposure 📉. Simultaneously, during Bitcoin's decline, perpetual futures funding rates and open interest rose in tandem, indicating that leveraged long positions are still accumulating against the trend 📈. These leveraged long positions could create potential selling pressure and expose the market to further downside risks ⚠️. While the assessment that "$60,000 is the low point of this round" has not been completely abandoned, the overall stance has clearly shifted towards caution 🛑.