The trend of BTB from last night to today, #比特币 #以太坊 BTB, may indicate that the market leaders (not excluding exchanges/market makers) are harvesting market liquidity.

The liquidation map of BTB shows that after hitting a recent high of 106000 last night, the liquidity available for short positions that the market can harvest is limited. Without short counterparties, the conditions for BTB to reach new highs in the short term are not mature, and the profit-taking from long positions below will also create selling pressure in the market, restricting upward movement and even suppressing prices. This is the reason for the roller coaster ride of Bitcoin from last night to this morning.

The market leaders harvesting liquidity from both long and short sides also indicates that the turnover of BTB at the current market price is not sufficient, and the stability of the market is not enough. It can only achieve market stability through increasing market volatility to allow for adequate turnover, which means that it is relatively difficult for BTB to reach new highs in the short term.

The depth of Bitcoin's pullback after reaching a high this morning slightly increases the probability of forming a short-term top (or at least creating a larger consolidation platform). Although the overall upward trend is intact, once the middle and short-term overall upward trend since 74500 is broken, the adjustment space will expand (increasing volatility for adequate turnover). The pullback of Bitcoin after reaching above 107000 this morning also indicates that there is no counterpart fuel for the upward movement. The key support level below is referenced at the 100718---101500 range. If 100718 is lost, it essentially means that maintaining 100000 is not possible. If the market leaders harvest liquidity from long positions downward, the support below is referenced at 98000, within the 92,000 to 94,000 range.