The recent surge in Bitcoin seems to lack momentum.

The Coinbase premium has declined, and the funding rate is also weak, both indicating that the upward momentum is diminishing.

Although the options skew suggests that there is still room for Bitcoin to rise, there are significant macro pressures. The Federal Reserve is about to hold a meeting and still maintains a neutral stance, with volatility slowly recovering, and uncertainties related to tariffs still persist.

The road ahead is unclear...