Recently had a round of chats with friends in the industry. Whether they're into trading, running projects, or working at exchanges, everyone feels this is just a rebound, not likely a bull market. On one hand, the downturn since August and the two major liquidations in October and November have seriously hurt the market's momentum. The key resistance zone at $95k-$96k is hard to reclaim. On the other hand, various data points haven’t shown significant improvement yet, so it’s too early to talk about a bull market. That said, there’s one piece of good news from the options data: recently, there’s been a lot of large-scale buying of call options, signaling a clear bottoming out.