Suddenly realized that when BTC confirmed the breakthrough of 95,000, there was a very large long liquidity at 76,000. At the arrow position in the chart, based on the price and the position of liquidation liquidity at that time, it can be judged that it was exactly 5 times the long position;

This indicates that futures bulls are finally willing to open larger positions!

Currently, there are clearly more people in the market expecting a pullback than those expecting the price to continue to rise, so a lot of short liquidity has appeared above the price again...

However, it is worth noting that last night's market did not liquidate this new liquidity, especially since there was clearly an opportunity for a breakout acceleration liquidation after 98,000, but ultimately it did not happen...

Combining the significant decrease in the proportion of BTC following the rise of the U.S. stock market on Friday, we can speculate that the short liquidity above 98,000 may not be as much as we see from the liquidation map.

Therefore, in order to accumulate new short liquidity as fuel, we have to utilize the long-term fluctuations over the weekend.

Thus, the current logic returns to last weekend's situation, which is that if a large amount of short liquidity begins to accumulate at 98,500, there is still hope for making higher highs next week.

On the other hand, if obvious long liquidity starts to accumulate below the price, the price may begin to pull back.

The current market logic is still not a spot-dominated buying market because the spot premium index has remained at a consistently high level without significant increases, which indicates that buying is more likely to come from short stop-losses and forced liquidations.

Therefore, we can still view the market with a futures mindset, which is:

The more short, the more it rises; going long results in a drop.