[Analyst: Bitcoin Risk-Avoidance Model Indicates High Risk of Pullback] On December 6, CryptoQuant's multi-indicator risk-avoidance oscillator approached the 'high-risk' zone. Historical data shows that this level typically signals a market pullback and reduces the likelihood of sustained upward momentum. The model evaluates market vulnerability by combining six indicators: downside volatility, upside volatility, exchange inflow volume, funding rates, futures open interest, and market cap performance. Bitcoin researcher Axel Adler Jr pointed out that the profit and loss score has dropped to -3, indicating a high concentration of losing UTXOs. The current -32% drawdown exceeds the normal cycle level but has not reached the threshold for panic selling. Adler believes that if macroeconomic conditions and on-chain profitability indicators do not improve, even if Bitcoin stabilizes near $90,000, the risk of further downside remains high.