$BTC
Recently, after the price of Bitcoin dropped, the number of short sellers in the market has clearly increased. The current situation is quite interesting: if it drops to $94,000 in the short term, the bulls could lose up to $2.3 billion; but if it rises to $115,000, the shorts would face a liquidation of $2.7 billion. If a big player were to take control, they would likely focus on pushing in the direction of the short liquidation — after all, the $2.7 billion in liquidation is $400 million more than the bulls' loss, making it more cost-effective to drive up the price.
The operation might go like this: first, use a small amount of funds in the spot market to tentatively buy to push the price up a few hundred dollars, while quietly opening long positions in the futures market. At this point, the key price levels are very important, for example, breaking through the short-term resistance level of $105,000 to trigger algorithmic trading buy orders. Once the price stands above $108,000, market sentiment will begin to reverse; those who were short may fear losing too much and gradually close their positions, which will further boost the price.
At the same time, some 'ammunition' must be coordinated: for instance, releasing news about a mainstream institution increasing its Bitcoin holdings, or getting a few influential figures to promote it in social groups. When the price approaches $112,000, the big player might place large buy orders on derivative exchanges to make retail investors feel that 'strong support is here,' encouraging them to follow the buying trend. At this point, the funds from short liquidation will turn into buying pressure, creating a chain reaction. Finally, when the price rushes to around $115,000, the big player will slowly close their long positions and also sell part of their spot holdings at the high, securing profits. Throughout the whole process, the big player relies on their capital advantage and understanding of market sentiment to turn the direction with the largest liquidation into reality.
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