Let's discuss several key points of the current market:

1. The funds for this round of bull market mainly come from the promotion of American capital.

2. The United States is still in a holiday atmosphere (from Christmas to New Year), which has affected the liquidity of the market to a certain extent.

3. It can be inferred that the liquidity of the current market is not sufficient, especially during the weekend. We can observe that there is a negative premium between CB's BTC spot and BN, which further confirms the tight state of market liquidity.

For today's Bitcoin market, a more typical M head pattern appeared in the short term. But it should be noted that this pattern is not suitable as a basis for opening long and short orders alone. We need to combine the current overall market status and find the key position in the pattern to formulate a trading strategy.