According to CryptoQuant analyst Axel in a recent post, Bitcoin appears to be entering the Christmas market window, with market sentiment indicators signaling bullish momentum without becoming overheated.

Persistent short liquidations have reinforced a buyer-dominant dynamic, widening the asymmetric risk-reward profile as speculative liquidity flows back into spot and futures demand.

Analysis of the derivatives landscape suggests the current futures market is largely driven by short liquidations, creating mechanical buy pressure that nudges prices higher amid constrained counterflows.

Market participants describe a phase of bullish neutrality, with expectations of positive returns while risk controls remain in place and liquidity conditions stay orderly.