Bitcoin futures data indicates that traders who opened new short positions above $70,000 could be at risk of liquidation. The weekly change in Bitcoin futures market open interest fell to -2.46% on Monday, down from a 8.9% increase on March 31. This indicates a decline in leverage and suggests that nearly 90% of the downside has already been priced in. Meanwhile, the seven-day average funding rate across Binance, Bybit and OKX has dropped from 0.33% on March31 to -0.1738% by April 13. This move is described as a broad leverage reset. The current setup shows long positions under pressure, then shorts step in.