In the few hours since you posted, the short positions have been increasing, and it's highly likely that it will explode further. The shorts are retail investors, while the longs are mostly large institutions and market makers, along with some speculators.

The recent movement of BTC has completed the liquidation of short positions below the 101,400 area, which means that the short positions below this level have been gradually digested. Currently, it is becoming difficult to see any significant short concentration above 103,000.

Although there were some expectations of market increases earlier, the intensity of this surge has exceeded many people's imaginations. After all, there was no major positive news, yet such a strong rise occurred, which is indeed surprising.

There are two main reasons behind this:

First, shorts have been continuously adding positions at high levels.
Many bearish funds have been trying to short during the price increase, resulting in increased passive liquidation pressure, which in turn pushed the price higher.

Second, bulls are hesitant to chase the rise.
Apart from a wave of bulls entering around 92,800, the sentiment among bulls has generally been cautious during other periods, with an overall weak buying intention.

This situation resembles one side's power being continuously out of control (shorts passively pushing prices higher), while the other side lacks effective resistance (bulls not chasing the rise), ultimately leading to a market that moves upward in accordance with the trend.

Thus, this rise appears sudden, but it is actually a natural result caused by an internal imbalance in the market structure.

How the market will move next depends on two key questions:
One is whether the shorts still have confidence to continue shorting, and the other is whether the bulls will step in at high levels. If the shorts exit and the bulls hesitate to enter, then the market may enter a new balancing phase.