Bitcoin has been in a range-bound consolidation for two consecutive months, and historical patterns suggest the market may repeat a downward trend.

According to Odaily, Bitcoin has been fluctuating within a range for two consecutive months, with price highs concentrated in the $72,000 to $75,000 range and lows between $62,000 and $65,000. A similar situation occurred from November last year to January this year, which ultimately led to an overall market downturn. Therefore, a repeat of that scenario in the current market cannot be ruled out.

In terms of derivatives data, the overall market remains in a consolidation phase. Bitcoin open interest (OI) is stable at around $16.7 billion, with little change compared to last week, indicating that speculative activity remains steady. Funding rates have returned to a neutral range of 0%-6%; the previous negative rate environment drove a short squeeze rebound. The options market sentiment is stabilizing, the proportion of call options has rebounded to 47%, but the front-end of the implied volatility term structure is inverted, suggesting that traders are still prioritizing hedging short-term downside risks. (CoinDesk)