BTC rises to $77,000 after holding $75,000 support, but negative funding, unchanged open interest and cautious positioning signal a lack of conviction. Bitcoin has been stuck between $75,000 and $80,000 since April 19, with negative funding rates indicating that traders are still shorting any rallies. Derivatives data reflects weak conviction: Open interest is steady at $19 billion and basis remains subdued at 1.5% annualized. Options markets lean bullish, with call-heavy flows and easing downs…
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