The rise lacks support from funds, and the risk of a $BTC pullback increases
Stimulated by Trump's renewed commitment to establish a Bitcoin strategic reserve, $BTC broke through the December 5 high this morning, setting a new historical high.
However, the signals from the market are not so optimistic:
1. Since December 13, the issuance of USDT has basically stagnated, and the recent rise of $BTC is mainly driven by news stimuli, lacking support from funds.
2. Since December 12, the Coinbase Bitcoin premium index has gradually decreased and has shown negative values since yesterday, indicating that US buying has relatively weakened, and the recent rise is not driven by US buying.
3. This morning, when Bitcoin broke upward, the trading volume was low, indicating that the overall buying pressure is not strong.
4. Accompanying the rise of Bitcoin, its holdings are also growing rapidly, resulting in a currently high leverage ratio.
In summary, in the short term, the possibility of a Bitcoin pullback is greater, so it is not advisable to be overly aggressive at this time.
