Yesterday, the US stock market can be said to have taken off, and the group of the understanding king also mentioned that they would take 2.5 billion dollars to stock up on Bitcoin. Logically speaking, yesterday should have been a situation where new highs were broken again. But what happened? We didn't see a new high for Bitcoin, and it couldn't even hold the 110,000 mark. As for Ethereum, it's even more needless to say; it just went up to greet the 2,700 mark and then came back down. So the question arises, why didn't market sentiment follow the surge in capital? In fact, during this period, there have also been signs of deep adjustments, but every wave of selling pressure has been completely wiped out by waves of buying at the bottom.

In the current pattern, after consolidation, the trend is still more bullish. Here, the horizontal market still seems to be unclear whether it is a top distribution or whether to hold back strength for another move. Neither side has a solid reason to pull up or crash the market. The only thing that can be confirmed at the moment is that the bulls have the advantage across all levels.

Back to Bitcoin, to be honest, this recent wave of market activity is really surreal; it feels like it's just for the sake of volatility. High-position short liquidity is lined up, and there was such a perfect clearing window last night, yet no one took action. The low-position bulls are not idle either; their positions are stacked high. Want to crash the market? Maybe the bulls will stop you. Want to pull the market up? Spot sell orders act as an iron plate, making it hard for you to breathe.

Under normal circumstances, once liquidity in the contract market becomes dense, the price will eventually have to clear a wave. This matter needs to satisfy two points: reverse liquidity must be weak, and spot orders must not be too dense, but right now, both of these conditions are not met. There are too many bulls below, many of whom are eyeing profit-taking orders at 114,700. The short clearing area is also filled with spot sell orders, forcing the price to get stuck here, waiting for both sides to accumulate enough liquidity discrepancy to potentially trigger a big move.