You say it's so complicated; just say to open a casino. Wherever retail investors are going long, just keep hammering it down until there aren't many people left. If there are more shorts, just keep pushing it up until there’s no one left. After all, retail investors are buying in, and there will always be a surplus of 'chives'.

BTC has tested downwards three times around the 107k~108k position without triggering a long liquidation market, then turned around and began to liquidate shorts in small amounts...

In my opinion, this is a sign that someone is propping up the spot market; as for the purpose, it's simply that they see the large accumulation of short liquidity above, which they initially didn't want to consume, but as it gets fatter, they have no choice but to consume it...

In a market with frequent futures trading, the emergence of a trending market requires the exhaustion of futures liquidity. If large funds want to accumulate, they need futures longs to be completely desperate, and spot longs to cut losses at low levels, otherwise there will be no counterparty.

Similarly, if large funds want to sell, they need futures shorts to completely disappear, and spot longs to take over at high levels...

Spot lifting, futures locking, spot crashing, futures profiting; this method is indeed commonly used by market makers.

Therefore, looking at BTC at this stage, if the ultimate goal of large funds is to offload, we may very well see the market inexplicably surge, directly piercing through 120k, and then slowly decline over the next few days until reaching a new low...

In extreme cases, this market might not even reach the current price level without futures; shorts losing money equates to buying high, while longs losing money equates to selling low. In a bull market, aside from spot longs being the leaders, futures shorts often rank as the second major contributors.