BTC Futures Suggest Another Leg Down Ahead

A recent trade idea on the COINBASE:BTCUSD03V2026 BTC futures contract suggests that Bitcoin may be due for another leg down. The idea is based on the cryptocurrency's price action and some technical indicators.

The author notes that the recent bounce is reminiscent of a wave 4, which could indicate that the market is setting up for another decline. Furthermore, the negative funding rate on the contract could be a contrarian indicator, suggesting that the market is due for a turn.

The author implies that there are still some longs holding onto their positions, who may be vulnerable to a further price drop. This could lead to a 'massive, multi-week negative lunar' event, according to the author.