Today's pancake futures market liquidity has three aspects of information:

1. The price has begun to rise as expected, but currently, no significant influx of short positions has been observed. At least the funding rate has not decreased; rather, it has slightly increased.....

2. From the perspective of liquidation strength, the current price trend seems more like a slight liquidation of chasing short positions, after all, there have been three consecutive rebounds, each slightly higher than the previous one. This situation will make short positions feel quite challenging.

3. The previously supportive liquidity gap at 103000 has been completely filled, making the area below that position filled with evenly distributed and sufficient long liquidity.....

From these three pieces of information, we can infer:

In the short term, the target price for the rebound may be around 106800. If favorable news pushes it, in extreme cases, it may approach 108000. However, the liquidity gap above 108000 will become an obstacle for further price increases.... Not to mention, there is also a smaller liquidity gap at 106800.....

If the price is blocked at any liquidity gap, the short-term rebound is likely to come to an end, and what follows may be a liquidation of long positions....

We hope the price does not create new lows but instead maintains a range fluctuation for at least a week, providing opportunities for shorts to add positions and see if there is a chance to liquidate the massive liquidity at high levels;