![Analyzing Bitcoin’s [BTC] unprecedented rally and market reaction](https://i.newsformal.com/images/2023/3/22/cryptoamb/analyzing-bitcoin-s-btc-unprecedented-rally-and-ma-analyzing-bitcoin-s-btc-unprecedented-rally-and-ma-1638458746807484416.webp)
, respectively, caused the previous crashes. High negative funding rates are often an indication of a short squeeze.
Spot purchasing prompted initial price drops before the futures market stepped in with intensity in all three cases. The current rate is positive but modest, suggesting market neutrality with a minor preponderance of optimism among traders of these perpetual contracts.CoinMarketCap’s data also indicated an uptick in the cryptocurrency market. The overall value of all cryptocurrencies dropped at the beginning of March due to the downward price trend.