Bitcoin has recently been showing a bearish trend. The current price is moving in the mid-72,000-dollar range, having dropped about 85 dollars from last week's high. In the short term, it seems to be weak.

However, looking at derivatives data, it feels like traders are still positioning cautiously. The fact that excessive leverage positions are not piling up even during sharp declines suggests that they are not rushing into reckless long positions like before. The market seems to be more cautious.

On a 24-hour basis, there has been a slight rebound, but it’s still uncertain whether this is a bottom signal or just a temporary bounce. In any case, it appears to be a process of balancing spot demand and derivatives positioning.