The current price range is very similar to last week's trend. The price has consolidated with reduced volume throughout the week, aiming to gather long and short liquidity in preparation for subsequent fluctuations.

Last week's logic was that although there was some long liquidity below, there was more short liquidity, which allowed the price to return to the range; currently, this logic still applies.

Above 105.8k, long liquidity has accumulated again, but short liquidity still dominates, so the previous view that "the price will not fall below 107k" may no longer hold.

Theoretically, if the price continues to rise, it needs to first clear the newly added long positions within the range, after which it may pull back to 105.8k before restarting its upward movement.

Currently, spot buying has weakened, and the spot premium has reflected this, which is also why more people choose to short in the futures market. However, at this point, the final wave of the market's rise may be driven by buy orders from futures shorts closing their positions.

There was not much spot buying to begin with, and if potential futures buying is also exhausted, the subsequent shift to a bearish trend will be smoother.