CryptoQuant: Futures short covering leads to buyer dominance, Bitcoin enters Christmas market window

CryptoQuant analyst Axel posted that Bitcoin is entering the Christmas market window, with market rating indicators showing bullish sentiment but not yet overheated. The short liquidations further exacerbate the asymmetric market situation favoring buyers.

The derivatives market structure indicates that the current Bitcoin futures market is primarily focused on short covering, which will create mechanical buying pressure, driving prices up. The market is entering a "bullish neutrality" state, with positive expected returns.