Last night, the Bitcoin market once again staged a thrilling performance, rapidly surging in a short time, leading to hundreds of millions of dollars in short positions being liquidated. However, despite such drastic fluctuations in the market, on-chain data still shows that 50.2% of traders chose to short. This indicates that, although Bitcoin experienced a strong rebound in the short term, a considerable number of investors believe this is merely a rebound and not a reversal of trend.

Recently, the overall Bitcoin market has been in a state of fluctuating adjustment, with both bulls and bears having opportunities to profit, the key lies in grasping the timing of entry. For bulls, the rebound provides short-term profit opportunities, while for bears, the market's adjustments and pullbacks also signify potential shorting opportunities. Therefore, the current market environment places higher technical demands on traders, particularly in judging trends and selecting entry points, requiring greater caution.

From a technical perspective, Bitcoin’s price may continue to fluctuate within a certain range in the short term, with the upper resistance and lower support levels becoming critical points of contention between bulls and bears. If the price can break through key resistance levels, it may trigger more buying, pushing the price further up; conversely, if it falls below the support level, bears may regain dominance.

Overall, the current market sentiment remains quite complex, with significant divergence between bulls and bears. For investors, maintaining a cautious attitude, reasonably controlling positions, and closely monitoring market dynamics and changes in technical indicators will be key to navigating the current market.