Yesterday's surge fully liquidated the shorts' liquidity at 104k.

Returning to the current market, we can see that the remaining short liquidity above the current price is only from 105k to 106k, and above this price level, there is a complete vacuum of liquidity;

Therefore, at least within this week,

It is impossible for the price to break through 106k, so in my view, the current situation is:

1. The short liquidity (fuel) is almost exhausted!

2. The total amount of unliquidated long 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 consolidation range until the short liquidity above 106k fills this gap, or the long liquidity near 97k completes its accumulation.

For those holding long-term short positions with a high liquidation price, after this round of second-stage surge, they must be feeling anxious, but this is precisely when the price is about to start consolidating.