Seven-day BTC futures open interest fell 2.46% to ~318,000 BTC after an early spike, while the seven-day average perpetual funding rate across Binance, Bybit and OKX flipped from +0.33% (Mar 31) to -0.1738% (Apr 13), with deeper negatives on Bybit and OKX. That combination points to growing short-side bias and short-squeeze risk if BTC stays above $70,000. Long-term on-chain metrics (Puell Multiple Z-Score, SOPR Z-Score, MVRV Z-Score) are at historic lows, with analysts estimating roughly 90% of the downside is already priced in. Visible liquidity clusters sit around $64,000–$66,000 and $74,000 has been tested as resistance.

Seven-day OI fell 2.46% to ~318,000 BTC after a prior peak; average perpetual funding across Binance, Bybit and OKX dropped from 0.33% to -0.1738% (Bybit and OKX deeper negative), indicating a short-side bias and potential for short squeezes if BTC holds above $70,000. Long-term Puell, SOPR and MVRV Z-Scores are at historic lows, and visible liquidity is concentrated around $64k–$66k with $74k as tested resistance.