BTC futures indicators flash red, analyst says

The Bitcoin futures market is showing signs of potential price weakness, as open interest fails to grow and the funding rate remains negative, cryptocurrency analyst MAC.D said on his Telegram channel. He explained that while BTC is attempting to break the key $74,000 resistance level formed after a sharp drop in February, on-chain data shows a change of hands, with long-term investors selling to new entrants. "While the spot market is showing bullish signs, futures traders are not actively taking on risk," MAC.D noted. He warned that if bullish betting in the futures market does not follow, the current rally could become a bull trap. "The persistently negative funding rate shows that traders are not actively betting on a rise," he added.