The current market for BTC is honestly the most troublesome—both long and short forces are evenly matched, stuck in a stalemate. The problem is that there are too many retail investors in the market, and this crowded position distribution has directly swallowed up the momentum for a quick rebound.

The time for bottoming out at a low position is likely to be extended. Next, it is highly probable that there will be repeated grinding in this range, with bulls and bears taking turns to suffer losses, until one side completely concedes and exits, at which point a new trend will emerge.

That being said, quantitative teams running range arbitrage strategies must be thrilled right now—this sideways volatile environment is practically a cash machine tailor-made for them. You know what I mean?