Today's Pancake Futures Market Liquidation Liquidity Analysis:

1. Funding rate turns positive, shorts have not surged, prices may continue to rebound or liquidate short positions;

2. The support gap at 103000 has been filled, and there is sufficient liquidity for longs below.

Short-term inference:

• Rebound target at 106800, extreme may touch 108000, but both gaps may hinder price increase; if resistance is met, it may end the rebound and liquidate longs;

• Downward liquidation target near 100000, supported by technical support at 101000, or a long lower shadow may form;

• Prices are expected to have a slight rebound before a pullback, confirming the upper boundary of the low range.