Returning to the current market situation, we can see that the bearish liquidity above the current price is only a residual 105k to 106k, and above this price level, there is a completely empty liquidity gap;

Therefore, at least within this week,

it is unlikely that the price will break through 106k, so in my view, the current situation is

1. Bearish liquidity (fuel) is almost exhausted!

2. The total amount of unliquidated bullish liquidity is relatively high, but scarce near the current price;

3. The funding rates of the three major exchanges have all returned to normal.

Therefore, it can be expected that 100k~106k will become the new oscillation range until the bearish liquidity above 106k fills this gap, or the bullish liquidity near 97k completes its accumulation.

For those holding long-term short positions with a high liquidation price, after this round of second-stage rise, they must be quite nervous, but in fact, this is exactly when the price is about to start oscillating.