Is it the beginning of a bear or bull dip?

Is-it-the-beginning-of-a-bear-or-bull-dip

Once you believe you're in a bull market, it’s hard to change your sentiment. We're going through a period where the bulls' perception is being seriously tested. To distinguish a bull market from a bear market, we can look at the SOPR. In a typical bull market, people move their sats in profit, resulting in an SOPR greater than 1, unlike in a bear market. From this perspective, the bull market still seems to be in play. 
Funding rates are another strong indicator, and they rarely turn negative in bull markets. The second graph shows their trend during the 2020-21 bull run (up until the first peak in April). The current trend still resembles that same bull market pattern in terms of funding rates.
In conclusion, for bulls to be convinced that the market has shifted, SOPR and funding rates need to drop below critical levels more frequently than before