The rise lacks support from the capital side, increasing the risk of a $BTC pullback

Stimulated by Trump's renewed promise to establish a Bitcoin strategic reserve, $BTC broke through the high on December 5th this morning, setting a new historical high.

However, the signals from the market are not so optimistic:

1. Since December 13th, the issuance of USDT has basically stagnated, and the recent rise of $BTC has mainly been driven by news rather than capital support.

2. Since December 12th, the Coinbase Bitcoin premium index has gradually declined, and it has continuously shown negative values since yesterday, indicating that buying pressure from the U.S. has weakened relative to before; the recent rise is not driven by U.S. buyers.

3. The trading volume was small when Bitcoin broke upward this morning, indicating that the overall buying pressure is not strong.

4. Along with Bitcoin's rise, its open interest has also rapidly increased, leading to a currently high leverage ratio.

In summary, the likelihood of a Bitcoin pullback in the short term is greater, so it is not advisable to be too aggressive at this time.