BTC may be consolidating at a high near 110,000!

Yesterday, I took a short position around 107,900-106,000, but unfortunately, I was still afraid to go long at the high, even though it seems likely that it could reach the previous high; currently, the Bitcoin market shows a clear state of divergence between bulls and bears, rather than a one-sided market. The current long-to-short ratio of 0.49 indicates that the number of people shorting is significantly higher than those going long, reflecting a fierce game between both sides. In this situation, if the price is to reach higher levels of 130,000 or 150,000, the market will need a long liquidation to reorganize forces before it can initiate the next round of one-sided increases; in the short term, I estimate it will continue to consolidate at a high near 110,000, and a trend change may occur next week.

From the funding perspective: On May 21, the net inflow for Bitcoin spot ETF was $609 million, and the net inflow for Ethereum spot ETF was $587,100. Bitcoin has reached a new high as expected, but the trading volume that broke through yesterday was average, and there was no very strong bullish candlestick with explosive volume, so it cannot be confirmed whether a new increase will begin after the breakout; we still need to observe the volume situation;

From the news perspective: still paying attention to the April core PCE price index year-on-year and the May consumer confidence index on May 30 next week;

Trading idea: ETH: Long at 2,640, with a target of 2,710-2,850, and stop loss at 2,620; I estimate it is still in a volatility range, oscillating in a small range of 2,740-2,470 and a larger range of 2,860-2,360.