Bitcoin bounced to $77,000 but traders aren't buying the rally. The move came after the asset held $75,000 support, yet the technicals reveal zero conviction underneath.
Negative funding rates show shorts are still positioned aggressively. Open interest stayed flat despite price movement, meaning traders closed positions rather than add to them. That's a red flag. When open interest drops on a bounce, it signals liquidation-driven moves, not organic demand.
The market structure screams caution. Holders remain defensive. The short bias persists. Bitcoin needs to break above $77,000 decisively and hold it while funding turns positive and open interest expands. Without that, this is range-bound price action between support and resistance.
Until conviction returns, expect chop. The bounce matters less than what traders do next.