Currently, Bitcoin is digesting the surge of the past few weeks. During this time, the open interest in futures skyrocketed from $18 billion in October to $29 billion, an increase of 50%. Meanwhile, the funding rate for Bitcoin surged from over 10% to a peak of over 80%. Historical data shows that after such rapid positioning, there is usually a brief consolidation period, after which the bull market may continue.

This pattern may occur again, especially during the Christmas holidays when trading volume tends to be lighter. Traders are now looking toward the new year, hoping for new inflows of capital to drive prices up and reignite the upward momentum.