Bitcoin technical picture's been grinding lower, but honestly the persistent negative funding rates kept me in a bullish mindset through all that messy structure. Yeah, the charts looked rough—bear flags, higher lows stacking up, no real divergences to lean on. Not exactly inspiring stuff.

But here's the thing: something shifted recently. The character of this move has changed noticeably. When you dig into the actual funding dynamics and how positioning's evolved, the narrative's starting to feel different than a few days back. Market structure doesn't lie, and right now it's whispering something worth listening to.