Bitcoin hits a new high again. In fact, yesterday’s market was not significantly related to retail investors. At 3 AM, there was almost no trading volume in the market before this one-sided move, especially from 11 AM to 2 PM when liquidity was weakest. This one-sided move was entirely driven up by large institutional funds, and small investors who went long just followed along and enjoyed the gains; luck is also a part of strength.

Which had a greater impact on sentiment: the U.S. imposing tariffs or the unclear expectations for interest rate cuts? For us retail investors, it is obviously the tariffs, but for the major institutions, it is the expectations for interest rate cuts.

So why isn’t the market dropping? Because the longer the high-level consolidation lasts, the more retail investors will short the market. It certainly does not serve the interests of the major players to let retail investors easily profit. The major players first need to blow up a wave of highly leveraged gamblers, then knock out the stop losses of those with lower leverage, and finally create a new high. The liquidation map shows that there are now very few shorts left.

After a strong one-sided move, the market will inevitably take time to correct. The heatmap has already provided answers in the range of 111,800 to 115,000, and the retail investors who were knocked out will obediently recharge and use high leverage to buy low and sell high to recover some losses. $BTC