Bitcoin rebounds on negative funding ratio… Short-term target $117,500

As Bitcoin (BTC) price rebounds after a short-term decline at the end of June, the funding rate in the futures market temporarily turned *negative*, raising expectations for further potential increases. The shift to a negative funding rate signals an excessive buildup of short positions, which historically has been a trigger for short-term rebounds. At the time, Bitcoin's spot price rose from below $100,000 (approximately 139 million won) to around $108,000 (approximately 150.12 million won), with the chain liquidation of short positions seemingly driving the market recovery. In particular, analysis suggests a massive concentration of short liquidation positions near $111,320 (approximately 155.80 million won). As the market approaches this price range, there is a high likelihood of a 'short squeeze' occurring with extensive position liquidations. Furthermore, recent technical analysis indicates that Bitcoin has broken through the so-called 'bull flag' pattern upward, targeting a new short-term price goal of $117,500 (approximately 163.23 million won). This upward scenario could potentially lead beyond mere price recovery to strengthened trading sentiment and liquidity restoration, warranting close attention to future market trends.