Bitcoin oscillates within a range for two consecutive months, while the sentiment in the options market stabilizes

Bitcoin's price has been in the range of $72000 to $75000 for two consecutive months, with a low point between $62000 and $65000. Similar patterns have appeared from November last year to January this year, accompanied by an overall decline. According to derivative data, there are approximately $16.7 billion in open Bitcoin contracts, with funding rates returning to the neutral range of 0% -6%. The proportion of call options in the options market has risen to 47%, and the implied volatility term structure is inverted at the front end. Traders still prioritize hedging short-term downside risks.