The big pancake continues its strong rise today, with short positions covering reaching 318 million in the past 24 hours, a surge of 62% compared to the previous day, forming a positive cycle of "price increase - short covering - further price increase." Currently, short positions in futures account for 42%. If it holds above 119700, it may trigger a new round of 500 million in short covering.

From a technical perspective, the hourly line breaks through the upper Bollinger band, the four-hour line channel expands, bullish momentum continues to be released, and the one-sided upward pattern is solidified.

Trading suggestion: go long around 118500, target near 123000. #BTC再创新高 #比特币