Bitcoin has been trading within a range for two consecutive months, and historical patterns suggest that the market may repeat its downward trend.

Bitcoin has been trading within a range for two consecutive months, with price highs concentrated between $72,000 and $75,000 and lows between $62,000 and $65,000. A similar situation occurred from November of last year to January of this year, ultimately leading to a market-wide decline. Therefore, a repeat of this scenario cannot be ruled out in the current market. Regarding derivatives data, the market as a whole remains in a consolidation phase. Bitcoin open interest (OI) has remained stable at approximately $16.7 billion, showing little change from last week, indicating that speculative activity remains stable. Funding rates have returned to the neutral range of 0%-6%, with the previous negative funding environment driving a rebound driven by short covering. Options market sentiment is stabilizing, with the proportion of call options rising back to 47%. However, the implied volatility term structure remains inverted at the front end, indicating that traders are still prioritizing hedging against short-term downside risks. (CoinDesk)