An article by analyst Avocado on CryptoQuant's official Twitter points out that although Bitcoin has rebounded more than 20% from its recent lows, the funding rate for CEX contracts remains in negative territory. The current investor sentiment and price movement suggest that Bitcoin is very likely to surpass its previous all-time high.

Note: When the funding rate is positive, long positions must pay funding fees to short positions. When the rate is negative, short positions must pay funding fees to long positions.