BTC's current status is indeed quite dangerous; the price has entered a densely packed long liquidation zone. Fortunately, the spot demand has stepped in to support it, preventing further long liquidation events...

Due to the negative impact of comprehensive tariffs, such small-scale pullbacks are very normal. If the price tests the lower long liquidation zone again but does not trigger a liquidation event and bounces back, then this pullback might be about over...

After all, what should be cleared will surely have its consequences~ Not to mention that there are still quite a bit of short liquidity waiting at the highs.

In principle, since the highs and lows of the small scale are all declining and there is coherent and sufficient long fuel below, we should continue to look bearish down to 109k. However, the issue is that the larger structure is still in a bullish context, making it very difficult to determine the final target of the pullback...

We can only wait for the signal of 'what should be cleared is not being cleared' to appear, as that represents the entry of spot buying. Only with spot support is it possible to pause the market's spontaneous liquidation actions.