The futures positions skyrocketed before and after the recent new high of $BTC, and finally decreased in the recent ruthless pullback...

Currently, the futures positions have finally dropped to levels similar to those at the previous price point.

In the short term, there may still be a pullback, but as long as it doesn't break the level, a large range fluctuation is basically formed. To put it simply, the bulls were too aggressive before, and indeed, they can't push it higher.