During the price increase on Friday, there was no liquidation of short liquidity above 98,000, which is indeed a point worth noting. If this indicates a lack of short liquidity above 98,000, then it is very likely that the price will gradually start moving towards the long liquidation zone;

Currently, the optimistic aspect is that the long liquidity accumulated below 95,800 is not very much, with most concentrated below 93,000;

So subjectively, as long as the price does not drop below 92,800 to trigger long liquidation, the probability of maintaining a range-bound market here is very high;

In the futures market, the purpose of range-bound movement is not to balance supply and demand like in the spot market, but purely to accumulate long and short liquidity until the liquidation intensity of either side reaches a threshold. Only then can it potentially become a catalyst in response to some news or spot market fluctuations, eventually leading to a breakout;

The current situation is that the time of range-bound movement is still not enough, and the accumulation of liquidity is also insufficient. Therefore, I personally believe that this kind of range-bound movement may continue until there is a new accumulation of long and short liquidity close to the magnitude of 96,500...

Thus, in the short term, it seems that there is no trading value...

In simpler terms: whether it’s long or short, the amount currently wagered is still not enough to attract market makers or large funds to conduct targeted liquidation operations, so there won't be any significant fluctuations...

Let's continue to eat, drink, and have fun over the weekend!