Bitcoin is trading around $73,900. It’s been seeing declines of about 0.7% over the past 24 hours. It gives the impression that it has fallen quite a bit from the $74,000 level.

Looking at the derivatives data, it’s clear that traders are taking a very cautious approach. It feels more like they’re waiting and watching than that they’re looking to set up aggressive longs. In situations like this, you also need to be mindful of volatility like something “derutazoon”-style.

It doesn’t seem like there are any signs of a major trend reversal yet, but as far as market psychology goes, it’s probably being quite cautious.