1. Bitcoin breaks below the price range due to a lack of positive stimuli after being trapped between $31,500 and $29,500 for over a month.

2. Despite the downturn, on-chain metrics suggest that Bitcoin is still in a bull market, with the current market price above its realized price, signaling a potential new bull market.

3. The creation of new Bitcoin wallets and higher profits than losses in the market further support the bullish thesis.

4. The derivatives market continues to dominate the scene, with minimal variation in long-term fundamentals and an increase in open interest following the breakdown from the trading range. However, the non-violent nature of the downward range break indicates low volatility in Bitcoin's price.

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