The futures positions surged before and after $BTC hit a new high, and finally experienced a decline in the recent ruthless pullback...

Currently, the futures positions have finally dropped to a level comparable to that at the same price point before.

There may still be a pullback in the short term, but as long as it doesn't break the level, a major range-bound fluctuation is basically taking shape. To put it simply, the bulls were too aggressive before, and it indeed can't move up anymore.